Assignment 11

  1. Define Economic Growth
    The process through which an economy achieves an outward shift
  2. What is the Rule of 72
    a variables doubling time = 72/growth rate
  3. What is Productivity
    output per worker
  4. What is Malthus's Law
    population grows geometrically, food arithmetically wages driven down to subsistence level
  5. What is the Neoclassical model
    economy grows along long-run Steady State with ultimately no growth in per capita gdp/income UNLESS technological change
  6. What is a big factor in the increase of capital
    technological changes
  7. What is wrong with Malthus's Law
    • -increase in capital
    • -improvements in technology
    • -population limits (China)
  8. What are luddites?
    people who are against technological progress
  9. What does productivity depend on?
    • -physical capital
    • -human capital
    • -technological advances
    • -economic and legal framework
  10. What is a Patent
    grant of a property right to exclude other for making, using, selling... (20 years from filing date)
  11. what is a copyright
    original works of authorship
  12. What is the Dependency Theory
    The idea that poverty in developing nations is the result of their dependence on high-income nations
Card Set
Assignment 11