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For most of human history, there was no significant improvement in living starndards. Despite improvements in technology and methods of production, output per capita increased
For most of human history, there was no significant improvement in living starndards. Despite
improvements in technology and methods of production, output per capita increased little over
time. This pattern changed with the advent of the industrial revolution. Since then, we have been
experiencing sustained growth in output per capita. What changes in the economic environment
allowed for technological change to translate into improvemnets in living standards? Use the
Matlhusian theory and the Solow growth model for answering
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