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Download all course pages [zip - 10MB]Video and audio elements from this course are also available on: Ben Polak is Professor of Economics and Management in the Department of Economics and the School of Management at Yale University. A second aim is to predict how other people or organizations behave when they are in strategic settings. We will learn new concepts, methods and terminology. Most of the reading for this course comes from the first ten chapters of Dutta or from the first two parts of Watson. The readings are not compulsory, but they will help back up the class material.

Economist George Taylor was the first to notice the correlation between fashion and the economy; he developed the “Hemline Theory” to describe his findings.

It questions the assumption, nearly universal since Solow's seminal contributions of the 1950s, that economic growth is a continuous process that will persist forever.

There was virtually no growth before 1750, and thus there is no guarantee that growth will continue indefinitely. Growth in this frontier gradually accelerated after 1750, reached a peak in the middle of the 20th century, and has been slowing down since.

Rather, the paper suggests that the rapid progress made over the past 250 years could well turn out to be a unique episode in human history. The paper is about "how much further could the frontier growth rate decline?

The paper is only about the United States and views the future from 2007 while pretending that the financial crisis did not happen. " The analysis links periods of slow and rapid growth to the timing of the three industrial revolutions (IR's), that is, IR #1 (steam, railroads) from 1750 to 1830; IR #2 (electricity, internal combustion engine, running water, indoor toilets, communications, entertainment, chemicals, petroleum) from 1870 to 1900; and IR #3 (computers, the web, mobile phones) from 1960 to present.