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Transforming Peoples Lives In the United States, real GDP per person doubled between 1963 and 2003. Real GDP Growth in the World Economy Some developed nations have grown more rapidly than the United States. Long-Term Growth Trends Many developing countries in Africa, Central America, and South America stagnated during the 1980s, and have grown slowly since. Long-Term Growth Trends Other formerly low-income nationsHong Kong, Korea, Singapore, and Taiwan are examples have grown very rapidly and have caught up or are catching up with the United States. The Causes of Economic Growth: A First Look Preconditions for Economic Growth The basic precondition for economic growth is an appropriate incentive system. The Causes of Economic Growth: A First Look Saving and Investment in New Capital The accumulation of capital has dramatically increased output and productivity. Growth Accounting The quantity of real GDP supplied, Y, depends on the quantity of labor, L, the quantity of capital, K, and the state of technology, T. Growth Accounting Labor Productivity Labor productivity is real GDP per hour of labor; it equals real GDP divided by aggregate hours.
Growth Accounting Growth accounting divides growth in productivity into two components Growth in capital per hour of labor Technological change. Growth Accounting The Productivity Curve The productivity curve is the relationship between real GDP per hour of labor and the amount of capital per hour of labor, with technology held constant. Growth Accounting The shape of the productivity curve reflects the law of diminishing returns.
Growth Accounting Accounting for the Productivity Growth Slowdown and Speedup The productivity function and one-third rule can be used to study productivity growth in the United States. Growth Accounting From 1963 to 1973 a large increase in productivity resulted from rapid technological change and a modest increase in capital per worker. Growth Accounting From 1973 to 1983 productivity growth slowed because the pace of technological change both slowed. Growth Accounting From 1983 to 1993 productivity growth increased because the pace of technological increased. Growth Accounting From 1993 to 2003 productivity growth increased because of a faster pace of increase in capital per worker.
Growth Accounting Technological Change During the Production Growth Slowdown Technological change did not contribute much to advancing productivity during the 1970s for two reasons: Energy price hikes directed technological innovation to saving energy rather than to increasing productivity. Growth Accounting Achieving Faster Growth Growth accounting tell us that to achive faster economic growth we must either increase the growth rate of capital per hour of labor or increasing the pace of technological advance.
Growth Accounting Stimulate research and development Because new discoveries can be used by everyone, not all the benefit of a discovery falls to the initial discoverer.
Growth Accounting Target high-technology firms The suggestion is that by subsidizing high-technology industries, a nation can enjoy a temporary advantage over its competitors. Growth Accounting Encourage international trade Free international trade stimulates growth by extracting all the available gains from specialization and exchange The fastest growing nations are the ones with the fastest growing exports and imports.


Growth Theories Classical Growth Theory Classical growth theory is the view that real GDP growth is temporary and that when real GDP per person rises above the subsistence level, a population explosion brings real GDP per person back to the subsistence level. Growth Theories The basic Classical idea There is a subsistence real wage rate, which is the minimum real wage rate needed to maintain life. Growth Theories The population continues to increase until the real wage rate has been driven back to the subsistence real wage rate.
Growth Theories Neoclassical Growth Theory Neoclassical growth theory is the proposition that real GDP per person grows because technological change induces a level of saving and investment that makes capital per hour of labor grow. Growth Theories The neoclassical economics of population growth The neoclassical view is that the population growth rate is independent of real GDP and the real GDP growth rate. Growth Theories The death rate is determined by the quality and availability of health care.
To generate enough food to meet the ever-growing demands of a growing population, we need to build more sustainable food production systems and to embrace smarter farming methods. Achieving the level of agricultural productivity necessary to meet the immensely risen world demand for food, fibre and fuel by 2050 will be a tremendous challenge. Meeting this challenge is made even more daunting by a number of stringent constraints - the combined effect of which the Food and Agricultural Organisation of the United Nations (FAO) has termed “a gathering storm”. In light of the above challenges to our food supply and to the environment, the FAO has declared Sustainable Crop Production Intensification (or SCPI) as their first strategic objective. What is therefore needed are innovative tools and techniques that empower farmers to do just that! I have been writing about the Gold King Mine wastewater release since well, basically since it happened. On May 5, 2016, the US Internal Revenue Service released Notice 2016-31 (available here) (the "Notice"). The expansion in recent years of domestic oil and natural gas production has profound implications for the supply of energy in the twenty-first century. Recently viewed items tracks each article you read and gives you a quick link back to that article if you need to review it again.To activate recently viewed, you just need to login or register with us above.
Objectives After studying this chapter, you will able to Describe the long-term growth trends in the United States and other. Economy From 1903 to 2003, growth in real GDP per person in the United States averaged 2 percent per year. Investment in Human Capital Human capital acquired through education, on-the-job training, and learning-by-doing has also dramatically increased output and productivity. The purpose of growth accounting is to calculate how much real GDP growth results from the growth of labor and capital and how much is attributable to technological change. Any productivity growth not accounted for by growth in capital is allocated to technological change, so this category is a broad catchall concept. The law of diminishing returns states that, as the quantity of one input increases with the quantities of all other inputs remaining the same, output increases but ever smaller increments. The main suggestions for achieving these objectives are Stimulate saving Higher saving rates may increase the growth rate of capital.


This is a very risky strategy, because it is unclear that government is better at picking winners than the profit- seeking entrepreneurs.
Improve the quality of education The benefits from education spread beyond the person being educated so there is a tendency to under invest in education. Each second, the world’s population grows by nearly 3 more people, that is 240,000 people a day. Even in the best of circumstances, sustainably satisfying this hugely increased demand for crops and livestock will be an enormous task. Sustainable intensification has been defined as producing more from the same area of land while reducing negative environmental impacts. It includes traditional resources such as oil, gas and coal as well as a growing emphasis on renewable sources of energy. Senate's Committee on Energy and Natural Resources issued a letter to the GAO requesting that the GAO examine the efficacy of U.S. Elsewhere, notably in China and other parts of Asia, growth is even faster; technology 2,000 years old coexists with the most modern. Real GDP per person fell precipitously during the Great Depression and rose rapidly during World War II. Discovery of New Technologies Technological advances have contributed immensely to increasing productivity. Robert Solow discovered that diminishing returns are well described by the one-third rule: with no change in technology, on the average, a 1 percent increase in capital per hour of work brings a one-third of 1 percent increase in output per hour of labor. Pollution abating investment raised the quality of life but did not increase measured GDP, so measured productivity did not increase. Contrary to the assumption of the classical theory, the historical evidence is that population growth rate is not tightly linked to income per person, and population growth does not drive incomes back down to subsistence levels. The fall in both the birth rate and the death rate have offset each other and made the population growth rate independent of the level of income. As womens wage rates have increased, the opportunity cost of having children has also increased and the birth rate has fallen.
Diminishing returns to capital per hour of labor lower the real interest rate and eventually growth stops unless technology keeps on advancing. And within one generation, there will be more people additionally on the planet than there were at the beginning of the 20th century.



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