Economic theory addresses extensively the question how to allocate scarce resources to attain given ends. For the sake of convenience, functions describing tastes and production technologies are assumed to behave elegantly and resources are assumed to flow preferably at a constant rate into the economic system. Unfortunately real world problems seldom come in such convenient forms. The occurrence of shocks in tastes, technology, endowments and the rules of the game are all the more common.
KeywordsPopulation Growth Rate Total Fertility Rate Stylise Fact Technical Progress Demographic Transition
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