The Sources of Economic Growth - • an increase in...

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Econ 4.3 Monday, April 19, 1999 Announcements: The final homework assignment is Friday. 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: Chapter 19 (cont'd) We can produce more of one good without decreasing the amount of the other good See Figure 19.1 on page 404 in the textbook Small changes in growth rate can make a big difference over time The Sources of Economic Growth an increase in labor supply an increase in physical capital an increase in human capital
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Unformatted text preview: • an increase in productivity (the amount of product produced by each unit of capital or labor) Labor Productivity • Labor productivity refers to the output per worker; the amount of ouput produced by an average worker in one hour. • Economic growth from an increase in labor -- more output but diminishing returns and lower labor productivity • see Table 19.1 on page 406 in the textbook • Employment, labor force and population growth, 1947 to 1997 • see Table 19.2 on page 407 in the textbook • Economic growth from an increase in capital -- more output, diminishing returns to added capital, higher measured labor productivity • see Table 19.3 on page 408 in the textbook...
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