Quantcast
Channel: MoneyScience: All site news items
Viewing all articles
Browse latest Browse all 3814

Puzzling properties of the historical growth rate of income per capita explained. (arXiv:1603.00736v1 [q-fin.GN])

$
0
0

Galor discovered many mysteries of growth. He lists them in his Unified Growth Theory and wonders how they can be explained. Close inspection of his mysteries reveals that they are of his own creation. They do not exist. He created them by his habitually crude or distorted presentation of data and by failing to carry out their scientific analysis. One of his self-created mysteries is the mystery of the alleged sudden spurt in the growth rate of income per capita. The sudden spurt never happened. In order to understand the growth rate of income per capita, its mathematical properties are now explored and explained. The explanation is illustrated using the historical world economic growth. Galor also wonders about the sudden spurt in the growth rate of population. We show that this sudden spurt is also of his own creation. The mechanism of the historical economic growth and of the growth of human population is yet to be explained but it would be a waste of time, money and human resources to try to explain the non-existing, self-created mysteries described in the Unified Growth Theory.

read more...


Viewing all articles
Browse latest Browse all 3814

Trending Articles