ECON 1BB3 Lecture Notes - Lecture 11: Aggregate Demand, Human Capital, Production Function

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ECON 1BB3 Full Course Notes
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ECON 1BB3 Full Course Notes
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Econ 1bb3: introductory macroeconomics lecture 11 chapter 7: Economic growth facts and a model. Growth: small differences in growth rates can make a huge difference to a country"s per capita gdp over time: examples of two countries, japan and pakistan is shown below. At the beginning of the time period, japan"s real gdp per person was about twice as high as that of pakistan. Over the course of the next 100 years, japan"s economy grew at an average annual rate of 2. 7% while pakistan"s grew at 1. 2%, a difference of only. At the end of this long period, japan"s real gdp per person was about 13 times as high as pakistan. If governments can find ways to increase their economic growth, the rate of real. Gdp per person increasing over time then they can have significant impact on the well-being of its citizens.

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