ECON 2002.02 Lecture Notes - Lecture 7: Doubling Time
17 Sep 2020
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Everyoneused to be poor povertyis normal wealth is unusual growthrate of real gdp percapita e tw is unusual. On a economic growth begins it can make some partsof the world rich while other party 1anguish. It is real percapita gdp in period t t 1. 72 annual growthrate years taken for an economy to double eg growth rate 9 doubling time 7219 8 years. Us haygrown monty e g japan relatively consistentlyfor zooyrs. In general economicgrowthtransforms the world it is critical to raise the standard of living understanding the wealth of nations. Immediate causes mostimmediate cause countriesw highergdphey lot of physical humancapital hestockof tools including machines structures. Huinancapoital tools in the wind acquiredthrougheducation trai im expertise t knowledge producegoods. Knowledgeabout how the motelworks that is used to enhanced with research development services. North korea communism in ai ritual profitsellingentrepreneur givepeoplethe incentive institutions create appropriateincentives.
