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ECN 204 (282)
Chapter 6

Chapter 6 - Economic Growth

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ECN 204
Thomas Barbiero

Chapter 6 – Economic Growth 6.1 Economic Growth • Economists define and measure economic growth as either: o An increase in real GDP occurring over some time period o An increase in real GDP per capita occurring over some time period Real GDP per capita The real GDP per person, found by dividing real GDP by a country’s population Economic Growth as a Goal Growth is a widely held economic goal: some critics, but more agree with the desired results of economic growth and the resultant increase in the standard of living Growth lessens the burden of scarcity: bigger pie generally means most get a bigger piece 6.2 Modern Economic Growth The historically recent phenomenon in which nations have experienced sustained increases in real GDP per capita – starts with the Industrial Revolution about 250 years ago Economic growth has vastly affected cultural, social, and political arrangements o Culturally: for the first time in history ordinary people have significant time for leisure activities and the arts o Socially: has allowed for universal public education, elimination of ancient social norms and legal restrictions against women and minorities doing certain jobs or holding certain positions o Politically: countries experiencing modern economic growth have tended to move toward democracy o Average human life has doubles from less than 30 years to almost 80 The uneven distribution of growth Modern economic growth has spread slowly from its British birthplace First advanced to France, Germany, and other parts of Western Europe in the early 1800s before spreading to Canada, USA, and Australia by the late 1800s Japan began to industrialize in the 1870s www.notesolution.com The rest of Asia didn’t follow until the late to mid 1900s, at which time large parts of Central and South America as well as the Middle East also began to experience
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