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Unformatted text preview: more automobiles, more telephones, more televisions, better nutrition, safer hous-ing, better health care, and longer life expectancy. Even within a country, there are large changes in the standard of living over time. In the United States over the past century, average income as measured by real GDP per person has grown by about 2 percent per year. Although 2 percent might seem small, this rate of growth implies that average income doubles every 35 years. Because of this growth, average income today is about eight times as high as average income a century ago. As a result, the typical American enjoys much P R O D U C T I O N A N D G R O W T H 529...
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- Spring '10