CHAPTER11Long-Run Economic Growth:Sources and PoliciesChapterOutlineand雪佛兰LearningObjectivesCHEVROLET11.1 EconomicGrowthoverTimeandaroundtheWorld仙爱我的鱼爱11.2 WhatDeterminesHowFastEconomiesGrow?11.3EconomicGrowthintheUnitedStates11.4 Whylsn'tthe WholeWorldRich?11.5GrowthPolicies爱唯欧
1 Chapter Outline and Learning Objectives 11.1 Economic Growth over Time and around the World 11.2 What Determines How Fast Economies Grow? 11.3 Economic Growth in the United States 11.4 Why Isn’t the Whole World Rich? 11.5 Growth Policies CHAPTER 11 CHAPTER Long-Run Economic Growth: Sources and Policies
Obtaining EconomicGrowthIntheprevious chapter,welookedatwaystomeasureeconomicgrowth in the long and short terms.In this chapter, we will consider the effects of different governmentpolicies on long-term economic growth.. Economic growth, after all, is not inevitable; history has seen longperiods of stagnation where no sustained increases in output percapita occurred.Why have some countries been able to achieve rapidly increasingreal GDP per capita, while other countries have failed to keep pace?. Our goal in this chapter is to develop a model of economic growthtohelpanswerquestionssuchasthis@2015PearsonEducation,Inc
© 2015 Pearson Education, Inc. 2 Obtaining Economic Growth In the previous chapter, we looked at ways to measure economic growth in the long and short terms. In this chapter, we will consider the effects of different government policies on long-term economic growth. • Economic growth, after all, is not inevitable; history has seen long periods of stagnation where no sustained increases in output per capita occurred. Why have some countries been able to achieve rapidly increasing real GDP per capita, while other countries have failed to keep pace? • Our goal in this chapter is to develop a model of economic growth to help answer questions such as this
EconomicGrowthoverTimeandaroundtheWorld11.1LEARNINGOBJECTIVEDefineeconomic growth,calculateeconomic growthrates,and describeglobaltrendsineconomicgrowth.@2015PearsonEducafion,lnc
LEARNING OBJECTIVE © 2015 Pearson Education, Inc. 3 Economic Growth over Time and around the World 11.1 Define economic growth, calculate economic growth rates, and describe global trends in economic growth
FromPrehistorytotheMiddleAgesEconomist Brad DeLong estimates that in 1,000,000 B.C., ourancestors had a GDP per capita of approximately $145.He estimates that GDP per capita in 1300 A.D. was also about $145.. In other words, no sustained economic growth occurred before themiddle ages; a peasant on a farm in 1300 A.D. was about as welloffhis ancestors@2015PearsonEducation,Inc
© 2015 Pearson Education, Inc. 4 From Prehistory to the Middle Ages Economist Brad DeLong estimates that in 1,000,000 B.C., our ancestors had a GDP per capita of approximately $145. He estimates that GDP per capita in 1300 A.D. was also about $145. • In other words, no sustained economic growth occurred before the middle ages; a peasant on a farm in 1300 A.D. was about as well off his ancestors
The lndustrialRevolutionSignificant economic growth did not really begin until the IndustrialRevolution, the application of mechanical power to the production ofgoods and services which began in England around 1750.: Before this, production of most goods had relied on human oranimalpower.The use of mechanical power allowed England and other countries-like the United States, France, and Germanyto begin to experiencelong-runeconomicgrowth@2015PearsonEducation,Inc
© 2015 Pearson Education, Inc. 5 The Industrial Revolution Significant economic growth did not really begin until the Industrial Revolution, the application of mechanical power to the production of goods and services which began in England around 1750. • Before this, production of most goods had relied on human or animal power. The use of mechanical power allowed England and other countries— like the United States, France, and Germany—to begin to experience long-run economic growth