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CHAPTER1
RealGDPperpersonintheUnitedStatestripledinthe50yearsbetween1958and2008.Whathasbroughtaboutthisgrowthinproduction,incomes,andlivingstandards?WeseeevengreatereconomicgrowthinmodernAsia.Incomeshavetripledinthe13yearsbetween1995and2008.WhyareincomesinChinagrowingsorapidly?12345
TheBasicsofEconomicGrowthEconomicgrowthisthesustainedexpansionofproductionpossibilitiesmeasuredastheincreaseinrealGDPoveragivenperiod.CalculatingGrowthRatesTheeconomicgrowthrateistheannualpercentagechangeofrealGDP.Theeconomicgrowthratetellsushowrapidlythetotaleconomyisexpanding.
TheBasicsofEconomicGrowthThestandardoflivingdependsonrealGDPperperson.01RealGDPperpersonisrealGDPdividedbythepopulation.02RealGDPperpersongrowsonlyifrealGDPgrowsfasterthanthepopulationgrows.03
TheMagicofSustainedGrowthTheRuleof70statesthatthenumberofyearsittakesforthelevelofavariabletodoubleisapproximately70dividedbytheannualpercentagegrowthrateofthevariable.TheBasicsofEconomicGrowth
ApplyingtheRuleof70Figure23.1showthedoublingtimeforgrowthrates.Avariablethatgrowsat7percentayeardoublesin10years.Avariablethatgrowsat2percentayeardoublesin35years.Avariablethatgrowsat1percentayeardoublesin70years.TheBasicsofEconomicGrowth
EconomicGrowthTrendsGrowthintheU.S.EconomyRealGDPperpersonfellprecipitouslyduringtheGreatDepressionandroserapidlyduringWorldWarII.Growthslowedduringthe1970sandspedupagaininthe1980sand1990s.From1908to2008,growthinrealGDPperpersonintheUnitedStatesaveraged2percentayear.Growthwasmostrapidduringthe1960s.Figure23.2onthenextslideillustrates.
EconomicGrowthTrends
RealGDPGrowthintheWorldEconomyFigure23.3(a)showsthegrowthintherichcountries.GrowthintheUnitedStates,Canada,andEuropeBig4hasbeens
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