### Why is the scientific revolution an insufficient explanation for the Industrial Revolution?- The scientific revolution was stopped by religious fanatics.- Scientific discovery is unrelated to economic progress.- The early advances of the Industrial Revolution were not reliant on scientific breakthroughs.- The scientific revolution, while a step forward, still got most things wrong.This question poses an important consideration for understanding the relationship between two pivotal periods in history. Each option reflects different perspectives on why the scientific revolution alone may not fully account for the subsequent Industrial Revolution. 1. **Religious Influence**: This perspective suggests that religious opposition halted scientific progress, implying that this interruption limited the scientific revolution's impact on economic development.2. **Separation of Science and Economy**: This viewpoint argues that scientific discoveries did not directly influence economic advancements, proposing that other factors must have driven industrial growth.3. **Independent Industrial Advances**: According to this theory, the key innovations of the Industrial Revolution emerged independently of scientific advances, suggesting that technological progress relied on different forms of knowledge or practical experience.4. **Incomplete Scientific Understanding**: This option acknowledges the progress made during the scientific revolution while asserting that many of its concepts were incorrect or incomplete, thereby limiting its efficacy in fostering industrial advancements.When drafting educational content on this topic, it is crucial to present these options clearly to stimulate critical thinking among students regarding the multifaceted causes of historical periods. **Why did the Industrial Revolution spread to Europe and the colonies descended from it?**1. ⃝ Other countries saw the technological advancements and adopted them immediately.2. ⃝ Europe had a comparative advantage over other places in the world when it came to industrialization.3. ⃝ Continued innovation lowered the cost of machines below the wage levels in other countries.4. ⃝ Wages began to fall in Europe and the colonies, incentivizing the adoption of industrial methods.Note: The image contains a text-based multiple-choice question without any accompanying graphs or diagrams.

Why is the scientific revolution an insufficient explanation for the Industrial Revolution? The scientific revolution was stopped by religious fanatics. Scientific discovery is unrelated to economic progress. O The early advances of the Industrial Revolution were not reliant on scientific breakthroughs. O The scientific revolution, while a step forward, still got most things wrong.

Why is the scientific revolution an insufficient explanation for the Industrial Revolution? The scientific revolution was stopped by religious fanatics. Scientific discovery is unrelated to economic progress. O The early advances of the Industrial Revolution were not reliant on scientific breakthroughs. O The scientific revolution, while a step forward, still got most things wrong.

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 22CTQ: Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita...

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15. Refer to the table below for the following questions. Country Country A Country B Country C Real GDP per capita (2000) $38,000 $ 3,250 $ 250 Average annual growth rate of real GDP per capita 1% 2.5% 4% a. Calculate the following ratios of real GDP per capita in 2000. i. Country B to Country A ii. Country C to Country A iii. Country C to Country B b. Using the rule of 70, figure out how many years it will take each country to double their real GDP per capita. Round to one decimal point if needed. c. Calculate the real GDP per capita of each country in year 2140. d. Repeat part (a) for year 2140 using the results from part (c). e. Compare your results from parts (a) and (d) and discuss if this example supports the convergence hypothesis.
1. Many endogenous growth models feature so called scale effects: per capita growth rises when population growth rises. Some economists have criticized these models for this reason, since countries with faster population growth do not in general appear to also experience faster per capita income growth. Consider an economy that has access to a production technology Y = AKª L¹-a where Y is output, A is the level of technology, K is capital and L is the amount of labor in the economy. Capital evolves according to K = SY (thus, the depreciation rate 6 = 0). The population growth rate is n. (Throughout, gx, where x can be any of the variables in the model). i. Assume that technology is determined by A =BK What sort of endogenous growth model is this? Find gk in terms of the K, L, and other parameters of the model. ii. Write an expression for gy in terms of gk and g₁. What must be true for a balanced growth path to exist in this model? Solve for the balanced growth path value of gy and gy,…
3. Why is industrialism a continuing concern of society? 4. What do you think are the significant characteristics of Rizal being chosen as our National Hero? 5. Do you agree that Rizal is really the right person to be our National Hero and not Bonifacio?
Why Canada's Industry Leaders Need to Embrace the Technology Mindset We are at a tipping point where technology-from software to hardware and everything in between-is weaving its way into all that we do and is about to touch every industry. Every day, we are reminded how things are changing, from connected cars, to wearable devices, to manufacturing. Just look at the rapid advance in China's economy and standard of living driven in large part by an innovative spirit unleashed in late 1990s. Source: Financial Post, July 1 Explain which growth theory best describes the news clip. The growth theory which best describes the news clip is OA classical growth theory, without new sources of technology, population growth will fall because OB. new growth theory: innovation in the technology sector is propelled by an innovative spirit", which will lead to profit and further innovation OC. new growth theory, new technology is discovered by chance OD. neoclassical growth theory. new technology,…
List down the important ideas/concepts. Globalization is the term used to describe how countries are becoming more interconnected economically and culturally. Globalization is an international process driven by trade, investment technology, and finances; this process affects culture, political systems, economic development and prosperity, and human physical well-being worldwide. Globalization is not new, though. For thousands of years, people and later corporations bought from and sold to each other at great distances. One such example is the thin silk road across central Asia that connected China and Europe during the middle ages. Still, what exactly has driven globalization over the past 20 years? These have been significant developments in both communications and transport technologies. The introduction of specialized bulk carriers and container ships has helped reduce the cost of transportation and significantly increase the volume of world trade. Recent developments in…
QUESTION 20 Which of the following statements is most accurate about modern economic growth? O a Economic historians mark modern economic growth as beginning around A.D. 1500. Ob Modern economic growth is characterized by sustained and ongoing increases in living standards Oc Modern economic growth has virtually eliminated business cycle fluctuations O d. Modern economic growth has been distributed more or less equally across nations.
Please help reply to this discussion . needs to be a minimum of 150 words. thank you "Free market economies stimulate economic growth because the entrepreneur has incentive to work, that is, profit. When a business owner can obtain the rewards of their hard work, they are instantly more motivated than if they cannot. In a state-directed economy, whether or not the business is doing well, the person running the business will make the same amount of money. If the business does really well, the person in charge will not receive the same benefit as they would if it was their own enterprise. Another reason that free market economies stimulate growth is because they allow supply and demand to create competition, which helps ensure that the best goods and services are provided to consumers (Investopedia, 2023). Without competition, a company can monopolize a market with little incentive to innovate their product. People may still purchase said product but that's because it's the only one…
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capita greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capita? Explain.
“Since 1980, aggregate per capita GDP in sub-Saharan Africa has declined at almost 1 percent per annum. The decline has been widespread: 32 countries are poorer now than in 1980. Today, sub-Saharan Africa is the lowest-income region in the world...It is clear that Africa has suffered a chronic failure of economic growth. The problem for analysis is to determine the causes” (Collier and Gunning 1999: ‘Why has Africa grown slowly?’). Explain the possible reasons why sub-Saharan Africa grew so slowly from 1980- 1999?
Question 3 What has been the average annual growth rate of U.S. real GDP per person over the 120 years from 1900 to 2020? In which decade, beginning with the 1960s, was the growth of potential GDP per person greatest and slowest? Over the 120 years from 1900 to 2020, the average annual growth rate of U.S. real GDP per person is 1.5 percent. That's incorrect. Over the 120 years from 1900 to 2020, the average annual growth rate of real GDP per person in the United States wasn't 1.5 percent.
2. a) Why is the difference between 2% and 3% steady yearly real GDP growth in the US economy a huge difference, if its only a difference of 1%? b) Explain why productivity is so essential for growth of the economy. c) What are two government policies that could increase US economic productivity? d) What is the role of Investment in contributing to productivity?
Answer the following: Q#13) The former Tea Party and Trump factions with the Republican Party would like the government to limit its direct intervention in the private sector while lowering taxes and eliminating government regulations. Which theory of economic growth is being utilized? (a) Malthusian Theory (b) Neo-Classical Theory (c) New Growth Theory Q#14) Does allowing for private property and property rights promote economic growth through time? Which best summarizes the view of economists? (a) Yes. Profit incentives that undergird investment and innovation would be undermined unless private property rights are protected. (b) No. The public interest and the public welfare cannot be promoted unless private companies are controlled and even operated by the government.