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lec_3_111B - ECN 111B US Economic History since the ECN...

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Lecture 3: Economic Growth in the US: A Look Lecture 3: Economic Growth in the US: A Look at the Data at the Data ECN 111B: US Economic History since the ECN 111B: US Economic History since the Civil War Civil War Winter 2010 Winter 2010
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Today’s Program Today’s Program Understanding economic growth and growth “Accounting” Economic Growth in the US. Some observations. Review of the pre-test
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KEY Readings for Today’s KEY Readings for Today’s Lecture Lecture Rockoff and Walton ch. 1 Atack and Passell, Ch. 1 (excluding Appendix A) Further Reading Paul Romer, "Why Indeed in America? Theory, History and Economic Growth," American Economic Review (May 1996), pp.202-206.
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Economic Growth: Basics Neo-classical view (Solow) - savings, demography matter for levels of output but NOT long run growth rates. -Use the GROWTH CALCULATOR on SMARTSITE to see this -use MANKIW’s textbook as a reference
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Economic Growth: Basics Neo-classical view (Solow) - Long-run growth of output per worker depends on the growth of “A” which is = g
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Solving the Neo-Classical Growth Solving the Neo-Classical Growth Model: Graphically Model: Graphically k y α sk k g n ) ( + + δ
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Real GDP, 1870-2002 Real GDP, 1870-2002
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