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Unformatted text preview: as a dollar somewhere else-cost of necessities vary dramatically form one country to another-services provided by governments vary-measurement capabilities vary significantly graph-linear/log scales Growth and poverty Central problem of the ‘bottom billion’ is that they live in countries which have not grown Long-term growth – importance of high and sustained growth over decades Growth in value of output – Gross Domestic Product – total value of goods and services produced in a country Approx equal to income earned What matters most is growth per capital GDP per capita – distribution of income is different Long term growth – compounding – gaining interest on your interest that makes what you have grow quickly...
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This note was uploaded on 01/17/2012 for the course PUBLIC POL 201 taught by Professor Paulcourant during the Fall '11 term at University of Michigan.
- Fall '11