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This paper raises basic questions about the process of economic growth. 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. 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 only about the United States and views the future from 2007 while pretending that the financial crisis did not happen. Its point of departure is growth in per-capita real GDP in the frontier country since 1300, the U.K. until 1906 and the U.S. afterwards. Growth in this frontier gradually accelerated after 1750, reached a peak in the middle of the 20th century, and has been slowing down since. The paper is about "how much further could the frontier growth rate decline?"

There were many economic and political factors that lead to the financial crisis of 2008

The global financial crisis of 2007-2009 was the most severe since the Great Depression. For extra credit, you will discuss/describe the Financial Crisis of 2008 here in the United States. The paper should emphasize its causes, the participants, the affects, the aftermath and the resolution.
Points/items to consider and include: • Elements of business cycle analysis. • Trends in the U.S. housing markets, before the crisis and to date. • The U.S. banking system: institutional details and recent developments. • The Central Bank as a lender of last resort and other banking/government policies • Outcome/aftermath How the above points contributed and affected the financial crisis.

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The (MERF) will soon be accepting applications for the 2010~2011 scholarship program. Scholarship winners will receive awards based on an essay of 550 words or fewer, describing their academic and/or career goals.

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