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 quality of life leisure time externalities

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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