"We also learned that absent innovation growth tails off right it just stops, so we needs a constant driver of innovation. And, the we also saw [inaudible] in this last lecture that's not so easy. It'd be easy to say that all
"we just took in a very simple growth model and in that growth model we saw that well, growth stopped, right. Once we got to 144 machines and an output of 120, we no longer got any growth. So we use that
"One type of growth, what we're seeing in China now and what we saw in Japan post war. And what we saw in Europe and the United States post war, is growth that occurs through capital accumulation. Another type of growth, is
"if we write down a Simple Model of Growth - Economic Growth that involves investing money in new machines. That there are limits to growth. That the model is going to max out at this point, when the number of machines lost
"Exponential growth is exhibited when the rate of change—the change per instant or unit of time—of the value of a mathematical function is proportional to the function's current value, resulting in its value at any time being an exponential function of time,
"One of the surprising results of that model of economic growth is going to be that there are limits, that without innovation, growth stops. So we will move from that simple model to something called a solo growth model. The solo growth