What were the major reasons for the lack of sustained growth before modern times?
What will be an ideal response?
There were two main reasons for the lack of sustained growth before modern times. These were:
a) The pace of technological change before the year 1800 was slow and almost stagnant compared to what came thereafter.
b) Whatever improvements in income or GDP were realized went to feed an increasing population rather than in an attempt to increase the GDP per capita.
You might also like to view...
If long-run costs are plotted on the vertical axis and the quantity of output is plotted on the horizontal axis, a line that is perfectly horizontal implies:
a. constant returns to scale. b. economies of scale. c. diseconomies of scale. d. inefficient use of capital. e. inefficient use of labor.
What are the benefits of fair and efficient relationships with transactional customers?
a. Customers are more forgiving of the occasional service failure b. Good relations lead to repeat business c. Transactional customers may become strategic partners d. Increase complaints and damage reputation e. All of the above f. Only A, B, and C