(a) Because ideas are "non-rival" goods, inventors have little economic incentives to inventsince they cannot prevent others from copying their ideas. Do you agree? Discuss.(b) In the real world there is evidence that economies tend to "converge conditionally" (thatis, there is "conditional convergence") but not that they tend to "converge absolutely"(that is, there is no "absolute convergence“).(c) In the Keynesian model, a sudden increase in money DEMAND causes a recession. Doyou agree? Explain using the IS/LM model(d) Imagine that, instead of using the traditional assumption that "output is demanddetermined" we assume that "output is determined by the short side of the market"(that is, for interest rates for which supply is smaller than demand, output isdetermined by supply; and for interest rates for which demand is smaller than supply,output is determined by demand). Starting from a position of equilibrium betweendemand and supply, what would be the effects of an increase in money supply?

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ince they cannot prevent others from copying their ideas. Do you agree? Discuss.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 12SCQ: Why dues productivity growth in high-income economies not slow down as it runs into diminishing...

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