So what does it matter well real gdp growth in one

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Unformatted text preview: ime job, nobody bought you a new car, you still have to go to school every day and do homework. So what does it matter? Well, real GDP growth in one year may not matter much, but how much it grows over time should matter to you. How much per capita real GDP grows during your lifetime will greatly influence the kind of life you live. You may be a bit skeptical about this, so let’s take a quick look at the history of real GDP. Little per capita real GDP growth occurred from the year A.D. 1 to about 1500. A person living in, say, 1300 didn’t have a much different standard of living from a person living in the year 70. It was fairly 2500% common during the years of little to no 2000% growth in per capita real GDP for a son or daugh1500% ter to have the same standard of living as his 1000% or her great-great-greatgreat grandmother or 500% grandfather. Today, it’s 0% different. For example, your standard of living is much higher than the standard of living of the people who lived in the United States during the Revolutionary War, Civil War, World War I, and World War II. And we are not just talking about the fact that you enjoy som...
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This document was uploaded on 01/16/2014.

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