Eco 200 – Principles of Macroeconomics

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Presentation transcript:

Eco 200 – Principles of Macroeconomics Chapter 17: Economic growth

Economic growth Measured by annual rate of change in: real GDP per capita real GDP

Rule of 72 Rule of 72: Approximate # of years for a balance to double = 72 / growth rate for the variable

Economic growth and economic welfare Problems with using economic growth rate as a measure of social welfare: income distribution

Economic growth and economic welfare Problems with using economic growth rate as a measure of social welfare: income distribution quality of life

Economic growth and economic welfare Problems with using economic growth rate as a measure of social welfare: income distribution quality of life leisure time

Economic growth and economic welfare Problems with using economic growth rate as a measure of social welfare: income distribution quality of life leisure time externalities

Determinants of growth changes in the quantity and quality of available resources

Determinants of growth changes in the quantity and quality of available resources changes in technology

Economic growth Economic growth = growth rate of TFP + growth rate of resources

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