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