10 经济增长-讲义.pdf

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Economic Growth Growth Facts and Questions What is Economic Growth? • Absolute Real Economic Growth is an increase in Real GDP from one period to the next. • Per Capita Real Economic Growth is an increase from one period to the next in per capita Real GDP, which is Real GDP divided by population 3 Do Economic Growth Rates Matter? If a country has a 3 percent annual growth rate, Real GDP will take 24 years to double. If a country has a 4 percent annual growth rate, Real GDP will take 18 years to double. 4 Two Types of Economic Growth Economic Growth from an Inefficient Level of Production 5 Two Types of Economic Growth Economic Growth from an Efficient Level of Production 6 GDP per capita, Growth rate, 2014 1960-2014 In 2005 US$ China 3,863 6.5% FACT 1: Singapore 38,088 5.1% Japan 37,595 3.1% There are vast Spain 25,260 2.6% India 1,234 3.1% differences Israel 24,601 2.9% in living

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