Economic Growth Production function  Output Resources Labor

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Presentation transcript:

Economic Growth Production function  Output Resources Labor Physical capital Human capital Technology Diminishing returns to each factor  Output per worker approaches a dynamic steady-state value  Convergence of per capita incomes

The excess of growth beyond inputs U.S Economic Growth Increased inputs: labor, capital, education The excess of growth beyond inputs  Technology Invention and innovation embodied in hardward SMARTS Golden Age, 1946 – 1970 Growth Slowdown? Productivity Slowdown? Spurring Growth A “New Economy” ? Limits to Growth? … What do you think?

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