Macro Chpt 10 Review - Macroeconomics Chapter 10 -Sustained...

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Macroeconomics Chapter 10 - Sustained Economic Growth began alongside with the Industrial Revolution in England in the late 18 th century, then spreading to United States, Canada and other countries of Europe. After WWII it spread to Japan and there on to other Asian countries. - Real GDP per capita is the best measure of a country’s standard of living (it represents the ability of someone to buy goods/services.) -Economic growth occurs when real GDP per capita increases. -With economic growth better (and more) goods/services can be produced. - In Bradford DeLong 1,000,000 B.C. real GDP p/capita was around $140 per year (hunting, gathering conditions) and still remained the same ($140 per year) at around 1300 A.D. - The Industrial Revolution began in England around 1750 with the production of cotton cloth in factories powered by steam engines. It lead to long-run economic growth in many European countries and the US because this eventually raised the standards of living (or Real GDP per capita)
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This note was uploaded on 08/09/2011 for the course ECONOMICS --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.

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Macro Chpt 10 Review - Macroeconomics Chapter 10 -Sustained...

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