![]() ![]() ![]() " Human Capital, Fertility, and Economic Growth," (This abstract was borrowed from another version of this item.) Suggested Citation In the limit, the economy behaves like a standard Solow growth model. At this point, living standards improve since population growth has less influence on per capita income growth. Eventually, technological progress causes the Solow technology to become profitable and both technologies are employed. We show that in the early stages of development, only the Malthus technology is used and, due to population growth, living standards are stagnant despite technological progress. The second, denoted the does not require land. The first, denoted the capital as inputs. We use a standard growth model with one good and two available technologies. This transition is inevitable given positive rates of total factor productivity growth. Our theory also explains the industrial revolution, which is the transition from an era when per capita incomes are stagnant to one with sustained growth. A unified growth theory is developed that accounts for the roughly constant living standards displayed by world economies prior to 1800 as well as the growing living standards exhibited by modern industrial economies. ![]()
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