L11 Econ 1021 Chapter Notes - Chapter 4: Wage Share, Nth Root, Uptodate
28 Apr 2017
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Recessions: 1929-33; 1973-"75; 1981-"82; 1990-"91; mar nov 01; dec 07- Expansions: 33-37; 41-"45; 61-"69; 75-"80; 82-"90; 91-2001; nov 01. Nov 07; july 09 till date: as has per capita real gdp, economic growth = slope or rate of change of per capita real gdp, % change in. As of 2016: the average annual income of the top 1% of americans is ,153,293. You need to make at least ,436 to be in the top 1% income bracket: the average annual income of everyone else (bottom 99%) is ,567. Wealth: income, whatever you don"t spend you save (what you don"t consume = savings), can use to invest in assets etc. In econ: income is a flow: wealth: can come from incomes you never earned and other sources. Measuring gdp: types and inclusion of goods, some non-market goods are included, wages in kind (health benefits etc. , agricultural output for self-consumption.
