Long-Run Outcome of Technological Progress in the Malthusian Model
In the Malthusian framework, technological progress fails to create lasting improvements in living standards. While an innovation may initially boost income, the economy eventually settles into a new equilibrium where income has reverted to the subsistence level. The primary long-term consequence is not increased wealth per person, but rather the ability of the economy to support a larger population at this same subsistence level.
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Ch.1 Prosperity, inequality, and planetary limits - The Economy 2.0 Microeconomics @ CORE Econ
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