5 - Chapter 3 An Overview of Long-Run Economic Growth Part...

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1 1 CHAPTER 3 Chapter 3: An Overview of Long-Run Economic Growth Part 1 Ruxandra Prodan 2 CHAPTER 3 An Overview of Long-Run Economic Growth The United States of a century ago could be mistaken for Kenya or Bangladesh today. Some countries have seen rapid economic growth and improvements to health quality, but many others have not. 3 CHAPTER 3 An Overview of Long-Run Economic Growth 3.2 Growth over the Very Long Run Sustained increases in standards of living are a recent phenomenon. Modern economic growth only emerged in the most recent two or three centuries. Sustained economic growth emerges in different places at different times. Per capita GDP ___________________________________________
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