ECON 1040 Lecture Notes - Lecture 8: Angus Maddison, 1, Macroeconomics
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Liberia in 2012 average income in ,200 (in 2010 dollars: mathematics of growth, wealth of the u(cid:374)ited tates did(cid:374)"t happe(cid:374) o(cid:448)er(cid:374)ight, growth rates grew each year a little bit, break out of poverty began in the 19th century. It takes about 35 years (cid:862)rule of 70(cid:863) If the annual growth is x%, the size of that variable doubles every 70/x year: causes of economic growth, economic growth affects income, like expectancy, and standards of living. The sources of economic growth are: resources, resources are the inputs used to produce goods and services. Land: physical land, natural resources, coal in us, oil in saudi arabia. Lumber in canada: geography affects weather disease, and trade possibilities, land is not enough for growth. Institutions did(cid:374)"t: 1950 liberia wealthier than taiwan, today: gdp per capita in taiwan is more than 200 times greater than.
