Unified growth theory

Source: Wikipedia, the free encyclopedia.

Unified growth theory was developed in light of the alleged failure of endogenous growth theory to capture key empirical regularities in the growth processes and their contribution to the momentous rise in inequality across nations in the past two centuries.[1][2][3][4]

Unified growth theory suggests that during most of human existence, technological progress was offset by population growth, and living standards were near subsistence across time and space.[5][6]

The

testable predictions of the theory and its underlying mechanisms have been confirmed in empirical and quantitative research in the past decade, and have inspired intensive exploration of the impact of historical and pre-historical forces on comparative economic development and the disparity in the wealth of nations.[7][8][9] (d) the theory as a whole was explored quantitatively.[10][11] Traits that were complementary to the technological environment generated higher level of income, and therefore higher reproductive success. Testable predictions of this evolutionary theory and its underlying mechanisms have been confirmed empirically[12] and quantitatively.[13]

References

  1. ISBN 9781400838868
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  2. doi:10.1257/aer.90.4.806
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  3. PMID 25506082
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  4. PMID 12283330
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  5. ^ Artzrouni, Marc (1985). Population Growth through History and the Escape from the Malthusian Trap: A Homeostatic Simulation Model (PDF). Genus 41. pp. 3–4, 21–40.
  6. ^ "The Industrial Revolution as the Escape from the Malthusian Trap". Journal of European Economic History. 29 (2–3): 307–331. 2000.
  7. PMID 25506082
    .
  8. ^ Franck, Raphaël; Galor, Oded (2016). "Technology-Skill Complementarity in the Early Phase of Industrialization". IZA Discussion Papers 9758 - Institute for the Study of Labor (IZA).
    de Pleijt, Alexandra; Nuvolari, Alessandro; Weisdorf, Jacob (2018). "Human Capital Formation during the First Industrial Revolution: Evidence from the Use of Steam Engines". CEPR Discussion Papers 12987.
  9. S2CID 73715675
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  10. doi:10.1016/j.red.2005.07.002
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  11. hdl:10419/80194
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  12. ^ Galor, Oded; Klemp, Mark (2018). "Human Genealogy Establishes Selective Advantage to Moderate Fertility". {{cite journal}}: Cite journal requires |journal= (help)
  13. S2CID 28274524
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