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History of economic thought
History of economic thought

... was dominated by Dutch ships and merchants, and Britain exported little but wool and woolen textiles. • By the later seventeenth century things were changing on almost every front. England became the center of the new science, with the foundation of the Royal Society (1662) and the publication of Ne ...
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... – Includes power, communication, transportation, water, sanitation, and education systems • Per capita income: – Average amount of money earned by each person in a political unit • GNP • Gross National Product • Total value of all good and services produced by a country (per year) – Example: an Amer ...
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Steady-state economy

A steady-state economy is an economy of relatively stable size. A zero growth economy features stable population and stable consumption that remain at or below carrying capacity. The term typically refers to a national economy, but it can also be applied to the economic system of a city, a region, or the entire planet. Note that Robert Solow and Trevor Swan applied the term steady state a bit differently in their economic growth model. Their steady state occurs when investment equals depreciation, and the economy reaches equilibrium, which may occur during a period of growth.
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