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Suppose that output depends only on technology, labor, and land: Y(t)=T[A(t)(1a)L(t)]1,00. We assume that population adjusts so that output per person equals the exogenously given
Suppose that output depends only on technology, labor, and land: Y(t)=T[A(t)(1a)L(t)]1,00. We assume that population adjusts so that output per person equals the exogenously given subsistence level y : L(t)Y(t)=y. Analyze the dynamics of population growth in this model. Suppose that output depends only on technology, labor, and land: Y(t)=T[A(t)(1a)L(t)]1,00. We assume that population adjusts so that output per person equals the exogenously given subsistence level y : L(t)Y(t)=y. Analyze the dynamics of population growth in this model
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