ECON 105 Lecture Notes - Lecture 10: Longrun, Good Governance, Canada 2016 Census

• School: Simon Fraser University
• Department: Economics
• Course: ECON 105
• Professor: Junjie Liu

Document Summary

Technological progress is the main reason why living standards rise over the long-run. Knowledge is a public good: ideas can be shared freely, increasing the productivity of many: once one person discovers an idea, the idea enters society"s pool of knowledge and other people can freely use it. Policies to promote technological progress: patent laws, tax incentives or direct support for private sector research and development, grants for basic research at university. Good governance and economic openness lay the foundation for growth. Long run economic growth - good laws, enforcement of laws. Protection of property rights: the ability of an individual to own and exercise control over the resources he owns, poor countries struggle with enforcing property rights. Political stability and good governance: economic prosperity depends in part on political prosperity, oor governance includes - corruption. Direct effect in on the size of the labour force: a large population means more workers to produce goods and services.