If youtravel around the world, you will see tremendous variation inliving standards of the people. The world's poor countrieshave average levels of income per person, that are less thanone-tenth the average levels in the world's rich countries.These differences in income are reflected in almost every measureof the quality of life - from the number of television andtelephones per household to the infant mortality rate and lifeexpectancy. Much research has been devoted to the question that whysome countries are rich while others are mired in poverty.
Refer to the above scenario, which factors affect the levelof income and output of a nation according to Solow growth modeland how?