Econ%20104%20Syllabus--Pollin--Fall%20-page45 -...

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Unformatted text preview: Na-onal+Income/GDP+and+the++ Wealth+of+Na-ons+ •  Adam+Smith—Wealth'of'Na+ons' –  Why'are'some'countries'rich;'others'poor?' –  First'step'in'fi[email protected]'is'being'able' to'measure'wealth'and'income'of'countries' •  Difference+between+wealth+and+income+of+ na-ons+ –  Flow'vs.'Stock' •  Water'flowing'into'bathtub'(flow)'vs.'water'stored'up'in'tub' (stock)' –  [email protected]'='“Net'Worth”' •  All'Physical'Assets'Owned'by'Everyone' 2' ...
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This note was uploaded on 11/07/2011 for the course ECON 104 taught by Professor Dolenc during the Fall '08 term at UMass (Amherst).

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