Fconomlc Growth TbdolEd

mi$ry od suhsistcG lev.ls of living Ho*.v.r, tlh sbsBrtm' I*€l oould b' avoid'n il
't6iliE c[6k!' lik di$& ild Mrx rFHliw biin dhl nlcasc *r 'dootcd
(Hrmd 1939i Domd 1946) loruliz€d cl.$ical coMI dtori's in Hatbd_Dotn'r Ere*lh
model thlr k dpLincd h€low
Slving: d.xprs.d b ms of P.Mb8. of Ndotl in@' i'
wlFF s (S.viigs) &Fnds lpon the sving dt (s) ofin@m' (Y) Inrcn'nl (l)' s b'
.edsd in tlms ofchme in c.!ir.l sftks (AK), i'e
l=dK-
And since c.piLl sl@ls b.d a diEl reldi@filp whh in@m', it ce b€ exprsd in thc lod
ofoDiht @lFrl itdo (x,/Y). H.@ opilll d$n 6tio (*) o t' qpr6s'n ii thc follo*'n8
k=lK/AYdAK=kAY
..dbeletvings.qutsinv.$rc.t(S=l) dt'qulnmtppoEafollo*:
DMding boli si|.c ordE .qutrid *qld $k h' fin'l r@ vit:
Gmrh is joi' ly &{min d by eving ate tnd oDital dnFn d' This is tull nphtneil
st€ady slrt. sroM\
in Lmt of tlelod_D.d8 'w!fuLd gotr'in m&' {h'E b'th t' od
'! e h.ld .o.emls dd.min.d do*.tuslv bv indihrtlod snjnss Thit is als' Ih'
@dirim ofgood. m&i€r .quitibnm ln oe ol€l grdn ncn alM! lo Mt'd swll'