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CORE Unit2 Technology, population, and growth :pencil2: (2.5 Modelling a…
CORE Unit2 Technology, population, and growth :pencil2:
2.1 Economists, historians, and the Industrial Revolution
Industrial Revolution
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Malthus held that a sustained increase in income per capita would be impossible -> vicious cycle of poverty
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2.3 Basic concepts: prices, costs, and innovation rents
Economic rent: a payment or other benefit received above and beyond what the individual would have received in his or her next best alternative (or reservation option)
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Reservation option: a person’s next best alternative among all options in a particular transaction = fallback option
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