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Unformatted text preview: Macroeconomics CH 6.3 In 1955, Americans were delighted with the nation’s prosperity. The economy was expanding, consumer goods that had been rationed during World War II were available for everyone to buy, and most Americans believed, rightly, that they were better off than the citizens of any other nation, past or present.Yet by today’s standards, Americans were quite poor in 1955. Figure 6.5 shows the percentage of American homes equipped with a variety of appliances in 1905, 1955, and 2005: in 1955 only 37% of American homes contained washing machines and hardly anyone had air conditioning. And if we turn the clock back another half-century, to 1905, we find that life for many Americans was startlingly primitive by today’s standards. Figure 6.5 The Fruits of Long-Run Growth in America Americans have become able to afford many more material goods over time thanks to long-run economic growth.Americans have become able to afford many more material goods over time thanks to long-run economic growth....
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- Fall '08
- Macroeconomics, LongRun Economic Growth, longrun growth