GROWTHCLASS01 - 1 Economic Growth GROWTH Interrupted but...

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Unformatted text preview: 1 Economic Growth GROWTH Interrupted but ongoing 3.33% real GDP per year 2% real per capita GDP per year (50- 09) GDP/Pop Doubles about every 36 years l f 72 1 rule of 72 Doubled since 1972 Why? productivity Output per worker (manhour) Y/L Y=Y/L*L Y/POP=Y/L*L/POP ( Antigrowth vid, malthus; growth animation) In the News? 2 U.S Growth Rates? Measuringworth.com Real GDP per year 1790-2010 3.75% 1900-2010 and 1946-2010 3.18% 1946-2007 3.33% Real GDP per capita 1790-2010 1.71% 1900-2010 1.87% 1946-2010 1.92% 1946-2007 2.05% Remember real gdp 3.33% per capita 2% 3 2 Growth is Relatively New http://www measuringworth com/usgdp 4 http://www.measuringworth.com/usgdp/ Course Issues - 01 LAST CLASS Monday May 2 Investment Game ends at market close on Friday 4/29 Results and Prizes Monday 5/2 in class Review Guides, Essential Questions, Chat room, study group, Q&A all coming Course evals, survey, etc coming 5 Final exam conflicts see me 4/18 or 4/21 FINAL EXAM Wednesday May 11 noon College Ave Gym **ANNEX** 150 mult choice drawn -most important, not hw exactly Essential questions, review guide, assignments notes , big questions Application -Growth Rates of Real Per Capita GDP China in 2000 = U.S. in 1870 start 2000 % ch U.S. 1870 3,347 34,260 1.8 U.K. 1870 4,107 23,550 1.35 Japan 1890 1,256 26,460 2.8 China 1900 598 3,940 1.9 6 Pak 1900 616 1,960 1.16 China catch-up 2% v 9% 2009 figures (41,646)e ( n*.02 )=(2,494) e ( n*.09 ) -> 41,646/2,494 = e ( n*.09-.02 ) ->ln(41,646/2,494)= ln(e ( n*(.09-.02 ) )=...
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This note was uploaded on 10/25/2011 for the course ECONOMICS 01:220:103 taught by Professor Sheflin during the Spring '08 term at Rutgers.

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GROWTHCLASS01 - 1 Economic Growth GROWTH Interrupted but...

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