Lecture_9_complete_version

Lecture_9_complete_version - 1 Lecture 9 (No Lecture 8...

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Unformatted text preview: 1 Lecture 9 (No Lecture 8 mid-term exam) Economic Growth 2 Economic Growth over the Millennia 5 10 15 20 25 30 1000 1500 1600 1700 1820 1870 1913 1950 1973 1998 GDP per person (US$'000s, 1990 prices W orld W estern Countries Asia (not Japan) Africa Source: Angus Maddison: The World Economy. A Millennium Perspective (OECD,2001) 3 Some Facts About Growth 1 billion people at the beginning of the 20th century, now more than 6 billion on earth. 1 billion people still living on less than US$2 (in 1985 prices) per day vast majority in Africa. Not everyone is better off (In fact, a huge increase in population (due to pop growth) living in absolute poverty!) Some countries (East Asian NIEs) experienced growth miracles while some others (sub-Saharan African countries) growth disaster. Growth is probably the best way to get out of the vicious circle of poverty. 4 Historical Experience I Source: Bernanke et al. (2009) 5 Historical Experience II Source: Bernanke et al. (2009) 6 Historical Experience III Source: Bernanke et al. (2009) 7...
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Lecture_9_complete_version - 1 Lecture 9 (No Lecture 8...

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