Productivity of Input - 1996 • See Table 19.5 on page 409...

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Econ 4.3 Wednesday, April 21, 1999 Announcements: A comprehensive makeup exam that will cover exams 1-3 will be during class in 413 Kern on Wednesday, April 21 at 10:10 am. An optional review session for exam 4 will be Thursday in 112 Chambers from 6:30 to 8 pm. Exam 4 will be Friday, April 23 and will cover Chapters 16 and 19. Lecture notes: Production function defines relationship of inputs and outputs Constant returns to scales -- if you double inputs, you double outputs 2 classes of input -- labor and capital Fixed Private Non-Residential Net Capital Stock, 1960 to 1995 (billions of 1995 dollars) See Table 19.4 on page 408 in the textbook Years of School Completed by People over 25 Years Old, 1940 to
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Unformatted text preview: 1996 • See Table 19.5 on page 409 in the textbook Productivity of Input • The productivity of an input is measured as the amount of output produced per unit of the input Inventions and Innovations • An invention is an advance in knowledge • Innovation is the use of new knowledge to produce a new product or to produce an existing product more efficiently • Growth of Real GDP in the United States, 1871 to 1997 • See Table 19.6 on page 412 in the textbook • The US leads ahead of France, W. Germany, Japan and Britain in level of GDP per person • Sources of Growth in the United States, 1929-1982 • See Table 19.7 on page 413 in the textbook...
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