DVM 2105 Final: Week 3 (Exam terms and questions)
12 Jan 2016
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Sachs chapter 2- the spread of economic prosperity. Most lived off the land and many were. There is quite a vast gap between rich and poor today. Along with this was a boom in population. Worldwide food production has more than kept up with booming world population. Total economic activity/ gross world product (gwp) has increased 49x. Every region experienced some economic growth (even per person) False to think the rich have gotten rich because the poor have gotten poorer. It"s not a transfer from one region to another, but an increase in world income but at a different rate in different regions. Not to say the rich are innocent. Development is not a zero-sum game- everyone can win. Technology main force behind long-term increases in the rich world. Keynes: economic possibilities for our grandchildren for as long as we can remember, living standards have not increased very much, technology is the reason for the change (industrial revolution)
