Read the following to prepare for this week:
Survey of Economics, Chapter 5: Production Technology and Cost
Video:
MIT OpenCourseWare video lecture series, “Productivity and Costs”)
Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question.
;list=SP61533C166E8B0028&index=10
6.3 Test your Knowledge (Question):
Q: Referring to the video lecture, an economist, Malthus has predicted that the production of food will slow down because of the diminishing marginal product of labour without increasing capital. So, a continuous increase in demand due to an increase in world population someday may result in mass starvation. Now world population has increased by more than 800%, and there is no mass starvation as predicted.
Discuss what did Malthus get wrong?
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