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ECON 2010 Prin Macroeconomics Chapter 11 Notes

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ECON 2010
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1Chapter 11IEconomic Growth Over TimeAround the WorldaIndustrial revolutionthe application of mechanical power to the production of goods beginning in England around 1750iBefore this time history will note advanced societies technological breakthroughsother measures of progress of over timeWorld average real per capita income remained almost at the same level for most of the last two millenniumsiiNothing compares though with the economic development change in outputoverall increase in general welfare following the industrial revolutionIIEconomic growthaThose nations adopting the modern technologiestransformed methods of the industrial revolution vastly outpaced other societiesEngland lead with the US in tandem the wayWestern Europe followed nextbWith the increased investmentaggregate output living standards rose tooThe notion of the peasant disappeared from Western EuropeEastern Europe was slower to transform while Asiathe lower hemisphere remained well behindcEconomic growth has vast implications across all sectorspeopleit tells the story of why some nations experience high standardsothers low standardsdUnderstanding growth is crucial to understanding why so many other issues result throughout the worldeGrowth rates may appear diminutive but over time are very significantfIn the long run small differences in economic growth rates results in big differences in living standardsgGrowth rates over a period of time are averageshAdding more capital to existing capital is not a technological changeiThe difference between 24 percent growth will be a vastly different society year over yearjThose nations not experiencing sufficient economic growth will not enjoy rising standards of livingIf growth trails the population growth rate increased povertyother ills will resultkA countrys standard of living will be higher the more capital workers have available on their jobs the better the capital the more human capital workers havethe better the job business managers do in organizing production
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