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Evening Must-Read: Lemin Wu: If Not Malthusian, Then Why? - Washington Center for Equitable Growth

Problems of measuring living standards properly go way, way, way back, as Lemin Wu demonstrates: Lemin Wu: If Not Malthusian, Then Why?: “The pre-industrial stagnation of living standards… …Technological improvement in luxury production… faster than improvement in subsistence production, would have kept living standards growing…. [There is] a puzzle of balanced growth between the luxury sector and the subsistence sector…. [The hypothesis is of] group selection in the form of biased migration. A tiny bit of bias in migration can suppress a strong tendency of growth. The theory reexplains the Malthusian trap and the prosperity of ancient market economies such as Rome and Song…”
#Economic-Growth #Lemin-Wu #Malthusian-Era #Measurement - equitablegrowth.org