Chapter 12 Production and Growth. Economic Growth Around the World Productivity: Its role and determinants Economic Growth and Public Policy.
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Economic Growth Around the World produce goods and services. Richer countries have more automobiles, more telephones, more televisions, better nutrition, safer housing, better health care, and longer life expectancy.
FYI: The Rule of 70
$5,000 invested at 7 percent interest per year, will double in size in 10 years
70 ÷ 7 = 10
Productivity: Its Role and Determinants produce goods and services. Richer countries have more automobiles, more telephones, more televisions, better nutrition, safer housing, better health care, and longer life expectancy.
FYI: The production function
xY = A* F(x L, xK, xH, xN)
= A* F( 1, K/L, H/L, N/L)where Y/L is output per worker, which is a measure of productivity. This equation says that productivity depends on physical capital per worker (K/L), human capital per worker (H/L) and natural resources per worker (N/L). Productivity also depends on the state of technology, A.
Economic Growth and Public Policy K the quantity of physical capital, H the quantity of human capital, and N the quantity of natural resources.