SS 141 Lecture 4: Chapter 8
Document Summary
Approximate # of years required to double real gdp. Gdp growth: modern economic growth, began with the industrial revoluion in late 1700s. Drasic or rapid change = revoluion: ongoing increase in living standards. Country was making more money because of fast producion and manufacturing not just agricultural: more ime for leisure, social change. Women working and the right to vote: democracy, human lifespan doubled g. Spread slowly staring date main cause of worldwide diferences in standard livings. Catching up is possible: leader countries invent technology, follow countries adopt technology. Insituional structures of growth: strong property rights. The rights to own property is safe guarded, protected and honored: patents and copyrights, eicient inancial insituions, literacy and widespread educaion. Math and science is where the economy has gone: free trade. Opening trades with cuba and iran because they are new markets virgin : compeiive market system. *we are in the informaion stage: determinants of growth, supply factors.
