{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Week 3-Notes - over time-After 1950 Japan increased from...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 3 – Notes - Ghana and South Korea started with the same income per capita in 1960 - Increase in education = increase in human capital - Labor supply is the least important in the growth in output (not sustainable); # of hours worked is decreasing - Labor and capital have diminishing returns; the more workers per machine = output increase, decreasing over time - Growth in output is 1:1 with technology - Between 1913-1950, Capital was the main engine of growth (U.S. always different – increase in technology); between 1.5%-3.0% average growth rate; each element changes
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: over time-After 1950, Japan increased from 2.2 – 9.0-After WWII, countries who were heavily involved in the war beginning to rebuild; technology becomes the main engine of growth-Importance of labor is decreasing mainly in the European countries-1973-1992, decrease in productivity; main engine of growth goes back to capital except for the U.S. (labor)-After 1992, back to increase in technology-Less technology in developed countries; capital remains main engine of growth-Steady state = capital per worker is not increasing...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online