Textbook Notes (363,127)
Canada (158,212)
Economics (293)
ECON 291 (14)
Chapter 1

Chapter 1 - Long-Run Economic Growth

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Simon Fraser University
ECON 291
Geoff Dunbar

ECON291Chapter 1LongRun Economic GrowthWhat is usually meant by growthIn practice economists typically use Gross Domestic ProductGDP The market value of goods and services produced within a country during a given time periodIs this sensible Does GDP measure growth Consider the following quote from Robert KennedyThe gross national product includes air pollution and advertising for cigarettes and ambulances to clear our highways of carnage It counts special locks for our doors and jails for the people who break themThe gross national product includes the destruction of the redwoods and the death of Lake Superior It grows with the production of napalm and missiles with nuclear warheadsAnd if the gross national product includes all this there is much that it does not comprehend It does not allow for the health of our families the quality of their education or the joy of their play It is indifferent to the decency of our factories and the safety of streets alike It does not include the beauty of our poetry or the stren
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