Macroeconomics Case Study
You should listen to the 20 minute podcast from the link below:
http://www.npr.org/blogs/money/2014/04/25/306862378/episode-534-the-history-of-light
Then you must answer the following questions below. Each response has a minimum word count, so please make sure to not be under this. It is okay be OVER that count, but not anything less.
Type up your responses in a word processing platform a Word document.
1. It’s difficult to talk about the long run impact of growth over generations (and indeed
civilizations) because it is difficult to compare prices across that much time. What is the measure
that Professor Nordhaus used to overcome this difficulty? (100 words)
2. We cannot dispute the importance of the light bulb that Edison invented, but one point raised in
this podcast is that it takes a whole financial and economic infrastructure to implement such a
bold and radical change. With that in mind, explain the statement that “finance built the power
plant that made electric lights possible.” (150 words)
3. This story is just one example of how things get more efficient and less expensive over time. In
this section I want you to pick a technology and profile it’s evolution over the years (e.g. power,
communication, travel). Explain how innovations in this technology have benefited society and
helped us make use of our scarce resources. (250 words)
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