(3) What are some of the arguments against the Ricardian equivalence proposition? In each of your arguments, explain its implications for consumers. (5%)

6. The Solow model Taiwan's population growth rate has decreased from more than 3% in the 1960s to less than 0.5% in recent years. Use the Solow model to discuss the effect of low population growth on Taiwan's economic growth and living standard in the long run. (10%)