One of the LOS’s is “compare classical growth theory, neoclassical growth theory, and endogenous growth theory”. Under the neoclassical growth theory section, several equations are given. Do we need to be able to calculate all of them, such as the steady state output-to-capital, change in physical capital per worker, growth rate of per capita income, etc…? Or do we just need to know the effects the different variables have since the LOS does not explicitly say “calculate” In general, do we only need to memorize formulas if the LOS says “calculate…”?
Thanks and good luck to everyone.