Question
Consider the Malthusian model. Suppose the Influenza virus killed 10% of the people in an economy....
Consider the Malthusian model. Suppose the Influenza virus killed 10% of the people in an economy. Using a diagram, determine the long run (i.e., steady state) effects of this on the consumption per work, land per worker, and population. Graph the transition paths for consumption per worker and population from the old steady state to the new steady state.
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