This economist drew on work by Paul Samuelson to develop a canonical version of the overlapping generations model. For 10 points each:
[10m] Name this economist who modeled a search economy via a scenario in which individuals only climb trees to pick coconuts if they believe enough other people are also doing so.
ANSWER: Peter Diamond [or Peter Arthur Diamond; accept Diamond coconut model]
[10e] Overlapping generations models are often used to model this phenomenon, which is the subject of the Solow–Swan model.
ANSWER: economic growth [or economic growth rate; accept long-run economic growth]
[10h] Diamond’s overlapping generations model can display this type of inefficiency, in which the economy is constantly investing more than it is earning in profit.
ANSWER: dynamic inefficiency
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