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2:19:14 Macro Notes .doc

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ECON 1901
Nathan Blascak

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02/19/14 Chapter 6: GDP Last time: Problems w/GDP -black mkt, leisure, non-priced goods Why use GDP? Statistically true: 1. GDP is positively correlated w/ life expectancy 2. positively correlated w/years of schooling 3. GDP as a measure of the ability to obtain goods and services A MEASURE OF MY ABILITY TO GET STUFF Chapter 7: Intro to Economic Growth main question: why are some countries poor and some countries rich? Many hypotheses: • climate --> historically inconsistent geography --> historically inconsistent • • corruption --> dis da good hypothesis -institutions Key facts • everyone used to be very poor some countries have experienced tremendous growth while others have not • -even small, steady growth can have tremendous impact on an economy’s size (ex: Rule of 70) • Rule of 70: if a country grows at an avg. rate of x% a year, the economy of that country will double in size in 70/x years it is theoretically possible for any country to experience economic growth • However, should talk about the causes/sources of econ growth... FROM THE DATA: • countries with high GDP per capita have more capital per worker and more
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