Economics_Ch11

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Unformatted text preview: wice if the annual per capita real GDP growth rate is 2.1 percent, but it will have only doubled once if it is 1.1 percent. In other words, just a little more growth in per capita real GDP can make a huge difference in the life you live. As an aside, the per capita real GDP growth rate in the United States was 2 percent in 2003 and 3.3 percent in 2004. What will future growth rates be like? We don’t know, but we can say if the future is more like 2004 than 2003, we will double our standard of living 15 years earlier (by 2025 instead of 2040). The difference is going to matter to your standard of living when you retire. THINK ABOUT IT A well-known economist once said that if he had to pick a country for his children to be born in, it would be a country with a high annual growth rate in per capita real GDP. What do you think about his statement? Section 3 Real GDP 299 11 (286-309) EMC Chap 11 11/17/05 6:06 PM Page 300 Exports and GDP In 2005, the countries of South Korea, Taiwan and Japan each found th...
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This document was uploaded on 01/16/2014.

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