E&F/Raffel Economic Growth and the Wealth of Nations ( ) 2. What are the connections between GDP per capita and economic well-being?
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1 E&F/Raffel Economic Growth and the Wealth of Nations ( ) 1. Define GDP Per Capita. 2. What are the connections between GDP per capita and economic well-being? 3. What information is not included in GDP per capita?
2 Using what you know about economics, predict which of the following nations you would expect to have the highest GDP and your reason(s) for your choice: Country A: Size (land): Population: Minerals: Oil Reserves: Arable Land: About twice the size of California 186 million people Tin, iron ore, coal, limestone, lead, zinc, natural gas 37 billion barrels (10 th in the world) About 300,000 square kilometers (10 th in the world) This country is probably and has a high/low GDP because: Country B: Size (land): Population: Minerals: Oil Reserves: Arable Land: Slightly smaller than California 126 million people Fish, no mineral resources Virtually None (51 st in the world) 43,000 square kilometers (52 nd in the world) This country is probably and has a high/low GDP because: Country C: Size (land): Population: Minerals: Oil Reserves: Arable Land: About twice the size of the United States 142 million people Natural gas, coal, many strategic minerals, vast timber supplies 103 billion barrels (7 th in the world) 1.1 million square kilometers (4 th in the world) This country is probably and has a high/low GDP because:
3 Economic Growth and the Production Possibilities Frontier 1. According to the homework ( ), what are the four determinants of economic growth? 2. Assume that the economy depicted in the diagram above is operating at point A. If the society decided to reallocate production to point B, what would the opportunity cost be? 3. Assuming that the production possibilities point B allows for production of capital beyond what is necessary to offset depreciation, what would the long-run result of this production decision be? 4. Given your answer to number three, show the change on the graph above. Label the new curve PPC2. 5. If the economy were to continue operating at production possibilities point A, and the production of capital associated with that point was not sufficient to offset the effects of depreciation, then what would be the long run result? 6. Given your answer to #5, show the change on the graph above. Label the new curve PPC 3.
4 The Four Pillars of Economic Growth Physical Capital Human Capital Technological Change Sound Governance What is it? The manmade things used to make other things. The knowledge and skills of workers. Improvement in how things are produced, new goods and services. Government that is well-managed and which behaves ethically. Examples: Tools, machines, factories. The ability to fix cars, teach, or practice medicine. The internet, assembly line production, open source programming. Rule of law. On what does it depend? Saving and investment. Education, experience and training. Research & Development. Fair legal, fair regulator and fair tax systems.
5 Factors Responsible for Economic Growth ( ): Economic Growth: Economic growth refers to a sustained increase in output over time, measured by an increase in output per person (i.e. a rise in per capita GDP). Economic growth means long term prosperity and wealth and a higher standard of living. Economic growth ultimately depends on rising productivity (or labor productivity). 1. Define productivity: 2. Define capital deepening. 3. How is capital deepening related to productivity?
6 About Productivity: Productivity is the ratio of output per worker per unit of time. Increasing productivity enables an economy to produce the same amount of output (or more) with fewer workers. For that reason, productivity is key to raising the standard of living. Graph #1: Manufacturing and Industrial Production: 1. How does industrial production today compare with industrial production in 1940? 2. How does employment in manufacturing today compare with employment in manufacturing in 1940?
7 Graph #2: Private Non-Farm Business Section: Labor Productivity 3. What years saw the highest level of productivity growth (in percentage terms)? 4. What has been the recent trend with regard to productivity growth? 5. What factors may account for this trend? What are the implications for the economy? (Source: Scott Walla, The Productivity Puzzle, St. Louis Federal Reserve, Page 1 Economics, March 2017)
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