ECON1130 Chapter Notes - Chapter 11: Foreign Portfolio Investment, Foreign Direct Investment, Joseph Schumpeter
19 Mar 2017
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Chapter eleven: long run economic growth sources and policies. Economic growth over time and around the world. Industrial revolution: the application of mechanical power to the production of goods, beginning in england around 1750. In the long run, small differences in economic growth rates result in big differences in living standards. Which is more important for economic growth: more capital or technological change: technological change helps economies avoid diminishing returns to capital, replacement of capital with improved capital is an example of technological change. Joseph schumpeter and economic growth: entrepreneurship is the key to economic growth, reform and revolutionize the pattern of production by exploiting an invention. Why haven"t" most western european countries, canada, and japan caught up to the. Enhancing property rights and the rule of law: a market system cannot work well unless property rights are enforced, the rule of law and property rights are undermined by government corruption.
