CH10 - 2009924 Learning Objective 10.1 Economic Growth Over...

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2009 9 24 1 Long-Run Economic Growth: Sources and Policies 1 Learning Objective 10.1 FIGURE 10-1 Average Annual Growth Rates for the World Economy Economic Growth Over Time and Around the World Economic Growth from 1,000,000 B.C. to the Present Industrial Revolution The application of mechanical power to the production of goods, beginning in England around 1750. Learning Objective 10.1 Learning Objective 10.1 ` Why Did the Industrial Revolution Begin in England? Making the Connection The British government’s guarantee of property rights set the stage for the Industrial Revolution. In the long run, small differences in economic growth rates result in big differences in living standards. Learning Objective 10.1 Small Differences in Growth Rates Are Important Why Do Growth Rates Matter? Growth rates matter because an economy that grows too slowly fails to raise living standards. Learning Objective 10.1 ` The Benefits of an Earlier Start: Standards of Living in China and Japan CHINA JAPAN Life expectancy at birth 71.9 years 82.2 years Infant mortality (per 1,000 live births) 23 3 Percentage of the Sustained high rates of economic growth have helped Japan attain high living standards. population surviving on less than $2 per day 47% 0% Percentage of the population with access to treated water 77% 100% Percentage of the population with access to improved sanitation 44% 100% Internet users per 1,000 people 73 587
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2009 9 24 2 Learning Objective 10.1 FIGURE 10-2 GDP per Capita, 2006 Economic Growth Over Time and Around the World “The Rich Get Richer and . . . ” What Determines How Fast Economies Grow? Economic growth model A model that explains growth rates in real GDP per capita over the long run. Learning Objective 10.2 Learning Objective 10.2 ` What causes technological change? Better machinery and equipment. Increases in human capital. Better means of organizing and managing production.
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This note was uploaded on 02/22/2010 for the course FBE ECON1002 taught by Professor Rao during the Spring '10 term at HKU.

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CH10 - 2009924 Learning Objective 10.1 Economic Growth Over...

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