Chapter 22 Long-Run Economic Growth

Chapter 22 Long-Run Economic Growth - Chapter 22 Long-Run...

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Chapter 22 Long-Run Economic Growth: Sources and Polices Economic Growth over Time and around the World Economic Growth from 1,000,000 B.C. to the Present Industrial Revolution : The application of mechanical power to the production of goods, beginning in England around 1750 Small Differences in Growth Rates Are Important In the long run, small differences in economic growth rates result in big differences in living standards. Why Do Growth Rates Matter? Growth rates matter because an economy that grows too slowly fails to raise living standards. “The Rich Get Richer and …” The world can be divided into two groups: the high-income countries (or the industrial countries) {Western Europe, Australia, Canada, Japan, New Zealand, and the United States} and the poorer countries (or developing countries) {countries of Africa, Asia, and Latin America}. What Determines How Fast Economies Grow? Economic growth model : A model that explains growth rates in real GDP per capita over the long run.
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