Module Long-run Economic Growth KRUGMAN'S MACROECONOMICS for AP* 37 Margaret Ray and David Anderson.

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Module Long-run Economic Growth KRUGMAN'S MACROECONOMICS for AP* 37 Margaret Ray and David Anderson

What you will learn in this Module : How we measure long-run economic growth How real GDP has changed over time How real GDP varies across countries The sources of long-run economic growth How productivity is driven by physical capital, human capital, and technological progress

Real GDP per Capita Real GDP per Capita Real GDP per Capita – real GDP/population size Not a policy goal unto itself

Real GDP per Capita (Continued) Real GDP per Capita (Continued)

Growth Rates Growth Rates Rule of 70 How many years it will take for the economy to double at a given rate of economic growth. # of years to double = (70/annual growth rate of the number)

The Sources of Long-Run Growth Labor productivity and growth Sustained growth in real GDP per capita occurs only when the amount of output produced by the average worker increase steadily. Physical Capital – tools Human Capital – education/training Technology – collective body of knowledge used to build useful devices – GPS system.