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fix: typos

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Barrett Ruth 2025-06-05 17:53:28 -05:00
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src/content/posts/algorithms/models-of-production.mdx
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@ -12,7 +12,7 @@ This post offers a basic introduction to the Solow, Romer, and Romer-Solow econo
### introduction
The Solow Model is an economic model of production that incorporates the incorporates the idea of capital accumulation. Based on the [Cobb-Douglas production function](https://en.wikipedia.org/wiki/Cobb%E2%80%93Douglas_production_function), the Solow Model describes production as follows:
The Solow Model is an economic model of production that incorporates the idea of capital accumulation. Based on the [Cobb-Douglas production function](https://en.wikipedia.org/wiki/Cobb%E2%80%93Douglas_production_function), the Solow Model describes production as follows:
$$Y_t=F(K_t,L_t)=\bar{A}K_t^\alpha L_t^{1-\alpha}$$
@ -163,7 +163,7 @@ The Model divides the world into two parts:
- <u>Objects</u>: finite resources, like capital and labor in the Solow Model
- <u>Ideas</u>: infinite,
[non-rivalrous](https://en.wikipedia.org/wiki/Rivalry_$economics$) items
[non-rivalrous](https://en.wikipedia.org/wiki/Rivalry_(economics)) items
leveraged in production (note that ideas may be [excludable](blank), though)
The Romer Models' production function can be modelled as: