ACC 1110 Lecture Notes - Lecture 7: Steam Engine, Industrial Revolution, Free Trade
11 Feb 2018
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Document Summary
Increase in real gdp per capita: growth: (2011 real gdp- 2010 real gdp)/(2010 real gdp) x 100, new- original / original. Growth as a goal: widely held goal as reduces scarcity. Rule of 70: # of years to double real gdp = (about) 70/ % growth, eg. 5% annual growth rate = 14 years. Modern economic growth: historically recent phenomena where nations have experienced sustained increases in real gdp/capita, industrial revolution, steam engine, factories, mass production, ease of transport. When countries experienced major economic growth plays a huge part in to move toward democracy what they are like today (earlier=wealthier) Catching up is possible though: leader countries, countries that develop and use advanced tech, which then become available to follower countries, follower countries, countries that adopt advanced tech that were previously used. Determinants of growth (depend on institutional structures: supply factors.
