ECON 110 Chapter Notes - Chapter 26: Environmental Resource Management, Robert Solow, Diminishing Returns

28 views4 pages
savvyguoji and 27 others unlocked
ECON 110 Full Course Notes
30
ECON 110 Full Course Notes
Verified Note
30 documents

Document Summary

The average standard of living is higher when growth in real per capita gdp. Real gdp is not a good measure for average living standards because it doesn"t take population into account. We use real per capita gdp to measure this, which is based on growth in productivity, and real gdp per worker. Economic growth: sustained, long-run increases in the level of real gdp. Rises in income change consumption patterns, more spent on leisure goods and savings, more government spending on public amenities. Higher income countries are more concerned with the environmental issues, which contributes to living standards as well. Some (unemployed) don"t benefit directly from higher wages, but benefit from an increased ease in redistribution policies with raised generosity. Current consumption is the primary cost of economic growth-we may consume more goods tomorrow by consuming fewer goods today. Economic growth renders some machinery and workers (out-dated skills) obsolete.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related textbook solutions

Related Documents

Related Questions