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Lecture

ECO1102 - Chapter 7

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Department
Economics
Course
ECO1102
Professor
All Professors
Semester
Fall

Description
Chapter 7Chapter 7Production and growth straightforwardBasic theme Basic theme Longterm performance of economic growthLevel of real GDP is a good but far from perfect gauge of economic prosperityGrowth of real GDP is a good gauge of economic progressWhat are the LONGRUN determinantsEconomic growth Economic growth around the worldaround the worldLiving standards measured by real GDP per capitaTable 71 shows values for the years 1900 and 2006 for selected countries and calculates the average rate of growth over this periodCanada is slightly richer than most of Europe including the UK but at least 15poorer than the USAOn average onlyThe message in these figures is that a lot can happen in 100 yearsA poor country that grows rapidly can gain a lot of ground tigers include or included Japan S Korea Ireland Hong KongThe 1990s were terrible for Japan
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