Ch 17ECONOMIC GROWTH Vernon Hills High SchoolCH 17economic生长弗农山高中.ppt

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2016-12-30 发布于上海
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Ch 17ECONOMIC GROWTH Vernon Hills High SchoolCH 17economic生长弗农山高中.ppt

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Ch 17-ECONOMIC GROWTH 2 POSSIBLE DEFINITIONS: 1-INCREASE IN REAL GDP 2-INCREASE IN REAL GDP PER CAPITA 6 INGREDIENTS OF GROWTH 4 SUPPLY FACTORS 1-quantity quality of natural resources 2-quantity quality of human resources 3-supply of capital goods 4-technology 2 DEMAND FACTORS 1-AD must increase for production to expand 2-fully employment of resources with productive allocative efficiency GROWTH RECORD OF US INCREASED 6X SINCE 1950 BUT GROWTH DOESN’T MEASURE: 1-QUALITY IMPROVEMENTS 2-INCREASED LEISURE TIME 3-ADVERSE EFFECTS ON ENVIRONMENT HOW TO ACCOUNT FOR GROWTH More labor input---accounts for 1/3 of total economic growth Technological advances—account for 26% of US growth since 1929 Increases of capital—accounts for 18% Education training—improves quality of labor 12% of growth from improved resource allocation economies of scale OTHER ITEMS THAT HELP ECONOMIC GROWTH Social/political/cultural environment that are “growth” friendly Respect for material success Property rights legal system Market system rewards growth NEW ECONOMY BASED ON PRODUCTIVITY ACCELERATION Improved standard of living based on labor productivity 1-microchip technology 2-new firms increasing profits Reasons for increasing returns(profits) A-more specialized inputs B-increased consumption C-spread R D costs over large output Keep MC low D-networking make info goods more valuable PRODUCTIVITY ACCELERATION PART 2 3-Global competition encourages efficiency 4-Faster growth w/o inflation possible with higher productivity 5-NRU decreasing from 6% IS GROWTH DESIRABLE SUSTAINABLE? ANTI-GROWTH GROWTH CAUSES: ENVIRONMENTAL PROBLEMS HIGH STRESS DEAD-END JOBS; BURNOUT PRO-GROWTH GROWTH CAUSES IMPROVEMENTS IN: STANDARD OF LIVING WORKING CONDITIONS LEISURE GETTING RID OF POVERTY MORE OPTIONS TO DEAL WITH ENVIRONMENTAL ISSUES *ONLY LIMIT TO GROWTH IS HUMAN IMAGINATION * * PRODUCTION POSSIBILITIES ANALYSIS Economic Growth A B C D a b Capital Goods Consumer Goods 0 Size of employed labor forc