What differences in standard of living does technology explain?
Between both the present and the past and also the rich and poor nations today. Between the present and the past but not between the rich and poor nations today. Between the rich and poor nations today but not between the present and the past. Technology does not offer any significant insights into standard of living, which is determined by land, labor, and capital.
The idea of convergence in economic growth says that:
attempts to equalize income will reduce economic growth. zero growth is the norm because societies naturally resist change. poor countries are destined to remain poor because they tend to have rapid population growth. poor countries can grow more rapidly than rich countries because they can adopt existing technology rather than develop new technology.
