Topic 06 - Economic Growth (Part I)

Topic 06 - Economic Growth (Part I) - BUAD 350 Topic 06...

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Unformatted text preview: BUAD 350 Topic 06 Economic Growth Keywords Empirical Facts Growth Accounting Solow Model Solow Model with Technological Progress Policies to Promote Growth Comments China's unprecedented rise, fueled by foreign investment and technology, has put the Asian giant on a path to surpass the United States economically by 2025, the author of a new book on China said on Tuesday http://www.chinadaily.com.cn/english/doc/2005-2/09/content_416043.htm In 1961, Nikolai Khrushev, while speaking before the General Assembly of the United Nations, took off his shoe and pounded it on the podium, declaring "We will bury you." He meant that the Soviet Union would bury the West economically, since the USSR was growing so much faster than the western economies 1950-60: Growth 8% in the USSR against 2% in US Is it New? The Soviet Union achieved some of the highest growth rates in the world from the 1950s into the 1970s by investing heavily in "heavy industry" steel production, oil production, coal production, and various other industries Is it New? Economic Growth Growth = Rise in real GDP per capita GDP per capita (in 2003) GDP per capita-Top 16 $0 $10 $20 $30 $40 $50 $60 L u x e m b o u r g N o r w a y U n i t e d S t a t e s B e r m u d a C a y m a n I s l a n d s S a n M a r i n o S w i t z e r l a n d D e n m a r k I c e l a n d A u s t r i a C a n a d a I r e l a n d...
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Topic 06 - Economic Growth (Part I) - BUAD 350 Topic 06...

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