CH9_ECON2301 - Macroeconomics ECON 2301 Spring 2009 Marilyn...

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Macroeconomics ECON 2301 Spring 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 9
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Announcement Announcement I’m sorry to have to inform you that we must postpone the 2 nd exam till March 31. I will be out of town March 26. During our regular class time that day, please work on your projects.
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Chapter 9: Global Economic Growth & Development
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9-4 Learning Objectives 1. Define economic growth 2. Recognize the importance of economic growth rates 3. Explain why productivity increases are crucial for maintaining economic growth 4. Describe the fundamental determinants of economic growth 5. Understand the basis of new growth theory 6. Discuss the fundamental factors that contribute to a nation’s economic development
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9-5 Did You Know That... Only one European nation, Luxembourg, has per capita real GDP higher than the U.S. per capita GDP? Per capita GDP has grown more rapidly in some U.S. states than in some European nations? These states have experienced a higher rate of economic growth?
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9-6 How Do We Define Economic Growth? Economic growth can be shown graphically by shifting the production possibilities curve outward. Economic growth reflects the fact that more of all goods can be produced within the economy.
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9-7 Figure 9-1 Economic Growth Distance of shift represents an increase in productive capacity
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9-8 How Do We Define Economic Growth? (cont'd) Observation India has a real GDP more than fifteen times as large as that of Denmark. India’s population is about 200 times greater than that of Denmark. India is relatively poor and Denmark is relatively rich.
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9-9 How Do We Define Economic Growth? (cont'd) Economic Growth Increase in per capita real GDP measured by its rate of change per year
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9-10 Figure 9-2 The Historical Record of U.S. Economic Growth
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9-11 Table 9-1 Per Capita Real GDP Growth Rates in Various Countries
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9-12 How Do We Define Economic Growth? (cont'd) Question If your leisure time increases 1 hour/week and your commute time to work increases by 2 hours/week, are you better off? Is economic growth bad? Some psychologists contend that growth makes us worse off.
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