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Your research assistant travels around the In class, we derived several benchmark theories of economic growth. In this question, we're going to discuss isolated economy
Your research assistant travels around the In class, we derived several benchmark theories of economic growth. In this question, we're going to discuss isolated economy of Malthustan. The island's production function is = 1 , where is TFP, is land (Terrain), and L is labor. The quantity of land is fixed, and so there is no capital investment: all that is grown is consumed (Y=C). i) Define c as consumption per worker. Derive both consumption per worker and the growth of consumption per worker (as accounting identities, not as a function of the underlying parameters). (2 points each, for a total of 4 points)world, collecting data on family farms. Because of (1), in her data we should expect household size to have no predictive power for the number of hours spent working on a family's farm (by everybody: family members and employees)
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