Textbook Notes (369,099)
United States (206,205)
Economics (307)
ECON 1901 (44)
Chapter 9


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ECON 1901
Nathan Blascak

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Chapter 7 Notes • economic growth is unusual • economic growth- growth rate of real per capita GDP Rule of 70 - if the annual growth rate of something is x%, its doubling time is 70/x • years • countries with the highest GDP have the highest physical and human capital, combined with best technology -physical capital: tools -human capital: tools of the mind -technological knowledge: knowledge on how the world works • to produce and organize the most efficiently, need institutions that create positive incentives • institutions that foster economic growth include property rights, honest government, political stability, a dependable legal system, competitive/open market I.Institutions A.Property rights 1.in communal property, effort is divorced from payment,
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