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Unformatted text preview: The standard of living Compounding The rule of 70 Purchasing power parity Sustained economic growth • No growth up to 1500 • 1500-1700 0.1% per year • 1700-1820 0.2% per year • 1820-1950 1.5% per year • Malthus and the Industrial Revolution The per worker production function • Growth in labor • Growth in capital (capital accumulation) • Technological advance Growth accounting formula The Solow Model (this is chapters 7 and 8 of the text)...
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This note was uploaded on 11/08/2011 for the course ECO 3203 taught by Professor Yang during the Fall '10 term at University of Central Florida.
- Fall '10