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GDP per capita is frequently used to compare welfare over time or across countries. Define GDP and discuss what are two problems with using GDP

GDP per capita is frequently used to compare welfare over time or across countries. Define GDP and discuss what are two problems with using GDP per capita as a measure of people's standard of living.

Describe in detail Thomas Malthus's iron law of wages. What was the Industrial Revolution and how did it help to break humanity out of the Malthusian Trap?

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