Assignment 11

The process through which an economy achieves an outward shift

a variables doubling time = 72/growth rate

output per worker

population grows geometrically, food arithmetically wages driven down to subsistence level

economy grows along long-run Steady State with ultimately no growth in per capita gdp/income UNLESS technological change

technological changes

• -increase in capital
• -improvements in technology
• -population limits (China)

people who are against technological progress

• -physical capital
• -human capital
• -technological advances
• -economic and legal framework

grant of a property right to exclude other for making, using, selling... (20 years from filing date)

original works of authorship

The idea that poverty in developing nations is the result of their dependence on high-income nations