lec_4_111B - ECN 111B: US Economic History since the ECN...

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Lecture 4: Further Thoughts on Economic Lecture 4: Further Thoughts on Economic 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 New Growth Theory and American Development: Economies of Scale Economic growth is not the same as well-being or development. The record on well being over the long run Inequality
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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 Costa,-Dora-L.; Steckel,-Richard-H. “Long-Term Trends in Health, Welfare, and Economic Growth in the United States” in Steckel,- Richard-H.; Floud,-Roderick, eds. Health and welfare during industrialization . NBER Project Report series. Chicago and London: University of Chicago Press, 1997, pp 47-58. Available at http://www.nber.org/papers/h0076.pdf
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“New” Growth Theory Ideas and things Things are machines, natural resources Ideas = plans or blueprints Ideas are non-rival goods Growth is the application of ideas to things
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lec_4_111B - ECN 111B: US Economic History since the ECN...

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