ECON 1100 Lecture Notes - Lecture 8: Penn World Table, Workforce Productivity, Government Budget Balance
1 Dec 2014
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An introduction to the key issues and data. Macroeconomics is the study of : the performance of national economies, and, the policies governments use to try to improve that performance. The major macroeconomic issues: economic growth and living standards. Economic growth: improvements in the level of income per person. Standard of living: access to the goods and services that make people"s lives easier, healthier, safer, and more enjoyable. Canadians today enjoy a high standard of living relative to what existed in the past, and relative to what exists now in many other countries. Notes: figures 4. 1-4. 8 in these lecture notes have been taken from principles of macroeconomics: 4th canadian edition by r. h. Why has output been growing: one reason is that the canadian population has been growing, and hence the size of the labour force has been expanding. Because of population growth, increases in total output cannot be equated with improvements in general living standards.
