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Answer All Parts Of The Following Question A. ) Why, in the absence of technological change,...

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Economics

Answer All Parts Of The Following Question

A. ) Why, in the absence of technological change, will acounty’s steady state growth rate equal its population growthrate?

B.) Show graphically and explain how a decrease in an economy’sdepreciation rate will affect both output per worker in thateconomy and the economy’s long-run growth rate.

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4.2 Ratings (484 Votes)
A In the absence of technological change will acountys steady state growth rate equal its population growthrateThe Malthusian model of population and economicgrowth has two key components First there is a positive effect ofthe standard of living on the growth rate of population resultingeither from a purely biological effect of consumption on birth anddeath rates or a behavioral response on the part of potentialparents to their economic circumstances Second because of theexistence of some fixed resource such as land there is a negativefeedback from the size of population to the standard of livingThese two components generate a number of predictionsSpecifically in the absence of technological change or expansionin the stock of the fixed resource population will be stablearound a constant level Second without changes in the functiongenerating population growth technological improvements orincreases in the stock of resources will eventually result in morepeople but not a higher standard of livingAs a description of populationincome interactions theMalthusian model had a long period of success covering most ofhuman history in most of the world until the beginning of theindustrial revolution In this paper we ask whether the model hasany relevance to the world todayFor the first part of the modelthe positive causality runningfrom income to population growththe answer is clearly no Forreasons that have not fully been determined countries that getricher now see falling rather than rising rates of populationgrowth Regarding the second part of the modelwhether    See Answer
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