UVA ECON 2020 - 9-17-2012Handout (3 pages)

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9-17-2012Handout



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9-17-2012Handout

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Pages:
3
School:
University Of Virginia
Course:
Econ 2020 - Principles of Economics: Macroeconomics

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Growth Growth Intro Elias Yannopoulos September 17 2012 Elias Yannopoulos Growth Intro Growth Why do we care about growth Per Capita GDP graph Compare life in 1904 to life today Average life expectancy was 47 8 of homes had a telephone 6 graduated from high school Coca Cola contained cocaine Marijuana heroin and morphine available over the counter at drugstores Even modest growth over long time periods can have a large effect Years to double and Rule of 72 Remember growth theory is part of the long run framework Elias Yannopoulos Growth Intro Growth Growth Theory Intro What is growth Long run increase in an economy s potential output Potential output the highest amount of output an economy can produce from existing production processes and resources Ex PPF Economic growth the growth rate of per capita GDP Economic growth output population Measures the changes in living standards output income Growth vs Distribution Absolutely vs relatively better off Elias Yannopoulos Growth Intro



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