ECON 239 Chapter Notes - Chapter 3: Industrial Revolution, Externality, Budget Constraint

• School: Queen's University
• Department: Economics
• Course: ECON 239
• Professor: Huw Lloyd- Ellis

Document Summary

If a country"s income grows at a slower rate than its population, income per capita will decline over time: so population growth is associated with poverty instead of prosperity. Market demand would also develop slower, which slows. Population grows exponentially economic expansion: population increases in the last 60 years have been taking place mostly in developing countries. Growth rate of population increase in a population as a percentage of that population. Demographic transition shift from a stabilized global population with high birth and high mortality rates to a stabilized population characterized by low birth and low mortality rates. Significant reduction in mortality rates due to economic growth and improve medical care, while fertility rates remain high: results in severe population growth in developing countries. Transition ends when fertility rates decline to match the much lower mortality rates. Demographers expect world population to stabilize (~0 growth rate) between.