Everything about Capital Deepening totally explained
Capital deepening is a term used in
economics to describe an economy where
capital per worker is increasing. It is an increase in the
capital intensity. Capital deepening is often measured by the capital stock per labour hour. Overall, the economy will expand,
and productivity per worker will increase. However, economic expansion won't continue indefinitely through capital deepening alone. This is partly due to diminishing returns and wear & tear (depreciation).
Capital widening is a term used to describe the situation where capital stock is increasing at the same rate as the
labour force, thus capital per worker remains constant. The economy will expand in terms of aggregate
output,
but productivity per worker will remain constant.
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