chapter7 - Economic Growth, Productivity, and Living...

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Economic Growth, Productivity, and Living Standards Reading: class notes and chapter 7.
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Introduction “Which would you rather be? An ordinary, middleclass American living today, or the richest person in America at the time of George Washington?”
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Introduction “Which would you rather be? An ordinary, middleclass American living today, or the richest person in America at the time of George Washington?”
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Real GDP per Person In Selected Countries, 1870-2003 (in 2000 U.S. Dollars) Country Australia 5,512 7,236 9,369 17,670 28,312 1.2 2.1 Canada 2,328 5,509 8,906 19,882 29,201 1.9 2.3 France 2,291 4,484 6,164 18,138 26,176 1.8 2.8 Germany 1,152 2,218 4,785 17,222 25,271 2.3 3.2 Italy 2,852 4,018 5,128 16,912 25,458 1.7 3.1 Japan 931 1,763 2,141 16,329 26,636 2.6 4.9 United Kingdom 3,892 5,976 8,709 16,557 26,852 1.5 2.1 United States 2,887 6,852 12,110 22,835 35,488 1.9 2.0 Annual % change 1950-2003 Annual % change 1870-2003 1870 1913 1950 1979 2003
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The Remarkable Rise in Living Standards: The Record A Caveat Historical estimates are less precise Comparing economic output over a century cannot account for new goods and services
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Real GDP per Person In Selected Countries, 1870-2000 (in 1995 U.S. Dollars) Country Australia 5,626 7,385 9,561 18,033 24,708 1.1 1.9 Canada 2,447 5,791 9,362 20,899 26,604 1.8 2.1 France 2,249 4,401 6,049 17,801 22,447 1.8 2.6 Germany 1,205 2,320 5,005 18,014 23,247 2.3 3.1 Italy 2,248 3,167 4,042 13,331 21,930 1.8 3.4 Japan 963 1,825 2,216 16,899 24,772 2.5 4.8 United Kingdom 3,500 5,374 7,832 14,889 21,142 1.4 2.0 United States 2,843 6,745 11,921 22,480 32,629 1.9 2.0 Annual % change 1950-2000 Annual % change 1870-2000 1870 1913 1950 1979 2000 Observations
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This note was uploaded on 10/30/2008 for the course ECON 102 taught by Professor Pereira during the Spring '07 term at Tulane.

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chapter7 - Economic Growth, Productivity, and Living...

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