Management MGT 100 Lecture Notes - Lecture 10: Nominal Interest Rate, Potential Output, Money Supply

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Gdp grew at a rate of 2. 8 percent. Increase in national income accounts, decrease in financial deficit. Age of shared growth (1950-1970): productivity growth, distribution, and participation aligned to increase average income. Age of expanded participation (1970-1995): labor productivity slowed, greater income inequality, but greater labor force participation (especially by women) Age of productivity recovery (1995-2013): average real income declined, labor productivity grew, worsening income inequality, participation rate fell as women"s entry plateaued. Federal reserve allowed interest rates to slowly decline. Contribution of state and local government to real gdp growth was negative. Sources of economic growth are physical capital, skill formation, and technological progress. Government has a role to protect intellectual property. Priorities are developing clean energy sources, improving health care, and nurturing bio and nanotechnology industries. Need investment in infrastructure to reduce pollution and trade costs. Large volumes of output are what make nations prosperous.

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