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ECONOMIC GROWTH

ECONOMIC GROWTH. Adding to our Quality of Life Year by Year. Would you prefer to be a rich person in 1925, with access only to the technologies and lifestyle available in 1925,or be a person with an average standard of living today, with access to all modern technologies?.

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ECONOMIC GROWTH

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  1. ECONOMIC GROWTH Adding to our Quality of Life Year by Year

  2. Would you prefer to be a rich person in 1925, with access only to the technologies and lifestyle available in 1925,or be a person with an average standard of living today, with access to all modern technologies?

  3. Hans Roslings Magic Washing Machine • http://www.ted.com/talks/view/lang/en//id/1101

  4. What is economic growth • Economic growth is a steady, long term increase in a nation’s GDP that tends to raise living standards.

  5. ECONOMIC GROWTH • How do we measure economic growth? • Because population changes or is different from place to place • Economic Growth is expressed as per/capita GDP • GDP divided by population

  6. ECONOMIC GROWTH • What leads to growth, rise in per capita GDP and improved standards of living? • Increase in physical capital • Increase in human capital • Technology • Supportive market environment

  7. ECONOMIC GROWTH • Go to gapminder.com

  8. ECONOMIC GROWTH • The new technology of the washing machine relieved Rosling’s mother of the drudgery of physical labor so that she could educate herself and her son. Write a paragraph identifying a change in technology that is adding to your human capital (education and experience) and explain how it improves your quality of life?

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