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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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This note was uploaded on 11/13/2008 for the course ECON 205 taught by Professor Kamrany during the Spring '07 term at USC.
- Spring '07