lect 9

• Malthus assumed that land was a fixed input, and labour was the variable input but with diminishing returns
• The neoclassical model assumes population growth is exogenous.
• According to Solow, technical change accounted for approximately seven-eighths of gross output per hour growth in the US economy between 1909 and 1949
• A higher rate of investment leads to faster economic growth in the neoclassical model.

  False
• The neoclassical model predicts that countries with the same technology will converge to the same level of real incomes per head growth
• Crises and periods of slower growth have led to waves of pessimism in the past.
• Since the financial crisis, productivity growth has been slow or even negative
• Low-productivity sectors employing more people is a key driver of the productivity puzzle in the UK.
• Humans rely on the natural environment, and we are destroying it too fast
• UN projections indicate that the world population will stabilize at around 11 billion by 2100.
• The Paris Agreement aims to limit the increase in global average temperature to well below 2 °C above pre-industrial levels
• A growth rate of 2% would lead to a 7-fold increase in real income in a century.
• Over a million species of animal and plant life are now threatened with dying out, more than ever before in human history
• Technical progress is the main driver of growth, as productivity feeds real wage growth.
• Angus Deaton's book, "The Great Escape," focuses on health, wealth, and the origins of inequality