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GROWTHCLASS01 - Economic Growth GROWTH Interrupted but...

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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 – 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
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