Ch 0 - Overview of the US economy

Ch 0 - Overview of the US economy - Overview of the US...

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Unformatted text preview: Overview of the US economy Prof. Olivier Giovannoni ECO 304K: Introduction to Microeconomics How “rich” is the United States? =>GDP GDP = GROSS DOMESTIC PRODUCT [Billions of dollars] $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 1929 1934 1939 1944 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 Source: NIPA Table 1.1.5. Gross Domestic Product, Seasonally adjusted at annual rates Yes, but prices increase. What if you account for inflation? => Real GDP REAL GDP (adjusted for inflation) [index 100 in 2000] 20 40 60 80 100 120 140 1929 1934 1939 1944 1949 1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 Source: NIPA Table 1.1.3. Real Gross Domestic Product, Quantity Indexes Yes, but there are more and more Americans. No wonder we are richer: more people are working. => Real GDP per capita REAL GDP PER CAPITA 1790 - 2006 $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 1790 1800 1810 1820 1830 1840 1850 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Source: http://eh.net/hmit/gdp/ What is growth?What is growth?...
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This note was uploaded on 09/10/2009 for the course ECON 32975 taught by Professor Giovannoni during the Spring '09 term at University of Texas.

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Ch 0 - Overview of the US economy - Overview of the US...

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