Neoclassical Growth Theory

Steady state = the point at which capital per person is constant (capital and output grow with growing population)
In steady state investment per person is equal to the amount required to keep capital per person constant
capital widening = extending the existing capital per worker to extra new workers
capital deepening = extending capital per worker for all workers

Steady state = the point at which capital per person is constant (capital and output grow with growing population)