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Unformatted text preview: e goods today that
people in the Revolutionary War did
not (such as cell phones, computers, and so on).
Now let’s suppose that we look
at the case for someone who is
born today. If the annual growth
rate of per capita real GDP is 1.1
percent, this person will be 65 years
old before his or her standard of living (as measured by per capita real
GDP) would have doubled. But if
the annual growth rate of per capita
real GDP is just 1 percent higher, at
2.1 percent, this person will only be
34 years old when his or her standard of living has doubled. If the
person lives to 68 years old, this
person will have seen his or her
standard of living double twice.
Think of what this “doubling”
means for you. You are, say, 17
years old. If you live to the age of 77,
your standard of living will have dou- Growth in Material Wealth
Across Centuries, 1000–2000 Percent growth in GDP 11 (286-309) EMC Chap 11 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th
Source: Figure courtesy of Brad de Long,
University of California–Berkeley. bled t...
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This document was uploaded on 01/16/2014.
- Winter '14