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Unformatted text preview: The greater the rewards, the more technological advances we will get. Determinants of economic growth: Innovation and knowledge Ideas and Knowledge Economic growth can continue as long as we have new ideas Human Capital Property Rights Immigration and Population Development Economics: the study of factors that contribute to the economic growth of a country. Keys to Economic Development Establish a system of property rights o More secure private property rights there are, the more private capital accumulation there will be. Develop an educated population Let creative destruction run its course o New business create economic growth after first destroying old jobs, companies, and industries Limit protectionism o Open economies experience faster economic development...
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- Spring '07