Chapter 10 - 1 Chapter 10 Long Run Economic Growth:...

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Unformatted text preview: 1 Chapter 10 Long Run Economic Growth: Long-Run Economic Growth: Sources and Policies Economic Growth around the World FIGURE 10-2 GDP per Capita, 2008 GDP per capita is measured in U.S. dollars, corrected for differences across countries in the cost of living. 2 You are responsible for all Learning Objectives in this chapter. We are only going to lecture on Learning Objectives 10.2 and 10.5. You need to read 10 1 10 3 and 10 4 on your own Long-Run Growth You need to read 10.1, 10.3, and 10.4 on your own. Long-run per capita economic growth comes from increases in Increases in labor productivity come from: What causes technological change? Better machinery and/or equipment Increases in human capital Better means of managing and organizing production. We can illustrate long-run economic growth using the Per-Worker Production Function. It shows the relationship between real GDP per hour worked and capital per hour worked, holding 3 Which Is More Important for Economic Growth:...
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Chapter 10 - 1 Chapter 10 Long Run Economic Growth:...

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