Textbook Notes (368,566)
Canada (161,966)
Criminology (258)
CRM1300 (65)
Chapter 6

Chapter 6 macroeconomic lecture.docx

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Department
Criminology
Course
CRM1300
Professor
Carolyn Gordon
Semester
Fall

Description
lecture #3 01/21/2014 Why do some countries grow faster than others? Put in another way: what are the determinants of a country’s standard of living? Fact: A country’s standard of living depends on its ability to produce goods and services – in the long run,  consumption has to equal production. Productivity When productivity grows, wages grows. Physical Capital raises the productivity of workers – workers are more productive if they have tools with  which to work. Doesn’t technological progress, p.22 a)Canada benefited because it made our capital stock larger, increasing our productivity and therefore  economic growth b) It would have been better for Canada to make the investments itself since then it would not have tp pay  back the returns. (e.g: interest and dividend payments) to investors in the US. Encouraging investments in Human Capital In Canada, each year of schooling raises a person’s wage, on average, by about 10 percent Thus, one way the government can enhance the standard of living is to provide schools and encourage the  population to take advantage of them Describe some forms of private spending that represent consumption, and some forms that represent  investment. Private consumption                                           Private Investment Going out                                                            Education Luxury goods                                                           Health                                                                              Basic food Describe some forms of government spending that represent consumptio
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