lecture1 - Lecture 1 Basic Macroeconomic Facts ECN...

Info iconThis preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Lecture 1 Basic Macroeconomic Facts ECN 6000/7230 I - 2 Per Capita GNP ECN 6000/7230 I - 3 Two Features of Note 1. Economic Growth a general upward trend in per capita GDP over time. ECN 6000/7230 I - 4 Per Capita GNP ECN 6000/7230 I - 5 Two Features of Note 1. Economic Growth a general upward trend in per capita GDP over time. 2. The Business Cycle up and down variations of GDP from trend: a. High GDP means prosperity and booms. b. Low GDP means a recession. ECN 6000/7230 I - 6 Questions about Growth 1. What causes sustained economic growth? 2. Is there a limit to growth? 3. Can governments do something to increase the rate of growth? Should they? ECN 6000/7230 I - 7 Business Cycle Questions 1. What causes business cycles? 2. Could we have another depression? 3. Should governments act to smooth business cycles? ECN 6000/7230 I - 8 Growth is Important Lucas: a representative consumer would give up less than 0.05% of mean consumption to eliminate business cycles....
View Full Document

Page1 / 24

lecture1 - Lecture 1 Basic Macroeconomic Facts ECN...

This preview shows document pages 1 - 9. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online