Briefly explain the Malthusian model of population and explain why it has dismal implications for the wage rate.
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What is the hidden momentum of population growth and why is it important in the Malthusian model?
a. Explain the benefits and costs of the patent system.
b. Why is technological change important? Explain and illustrate using both the Solow Model and the Malthusian Model.
Economics was known as the "Dismal Science" because:
A) Too many people would result in food shortages and shortages of other resources.
B) It was a very complex area of study based on mathematics.
C) The world population was growing slower than expected in the 1700s, leading economists to call it a dismal period of time.
D) There were too many old people and not enough young people to care for them.