PROPERLY RIGHTS AND POLITICAl STABILITY

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PROPERLY RIGHTS AND POLITICAl STABILITY Another way policymakers can foster economic growth is by protecting property rights and promoting political stability. This issue goes to the very heart of how market economies work Production in market economies arises from the interactions of millions of individuals and firms. When you buy a car, for instance, you are buying the […]

HEALTH AND NUTRITION

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HEALTH AND NUTRITION Although the term human capital usually refers to education, it can also be used to describe another type of investment in people: expenditures that lead to a healthier population. Other things equal workers are more productive. Making the right investments in the health of the population is one way for a nation to increase productivity […]

EDUCATION

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EDUCATION Education-investment in human capital-is at least as important as investment in physical capital for a country’s long-run economic success. In the United States, each year of schooling has historically raised a person’s wage on average by about 10 percent. In less developed countries, where human capital is especially scarce, the gap between the wages of educated and […]

INVESTMENT FROM ABROAD

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INVESTMENT FROM ABROAD So far, we have discussed how policies aimed at increasing a country’s saving rate can increase investment and, thereby, long-term economic .growth. Yet saving by domestic residents is not the only way for a country to invest in new capital. The other way is investment by foreigners Investment from abroad takes several forms. Ford Motor […]

DIMINISHING RETURNS AND THE CATCH-UP EFFECT

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DIMINISHING RETURNS AND THE CATCH-UP EFFECT Suppose that a government pursues policies that raise the nation’s saving rate-the percentage of GDP devoted to saving rather than consumption. What happens? With the nation saving more. fewer resources are needed to make consumption goods, and more resources are available-to make capital goods As a result, the capital stock increases, leading […]

ECONOMIC GROWTH AND PUBLIC POLICY

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ECONOMIC GROWTH AND PUBLIC POLICY So far, we have determined that a society’s standard Living depends on its ability to produce goods and services and that its productivity depends on physical capital per worker, human capital per worker, natural resources per worker, and technological knowledge. Let’s now turn to the question faced by policy makers around the world […]

ARE NATURAL RESOURCES A CIMIT TO GROWTH.

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ARE NATURAL RESOURCES A CIMIT TO GROWTH. Today, the world’s population is over 6 trillion, about four times what it was a century ago. At the same time, many people are enjoying a much higher standard of living than did their great-grandparents. A perennial debate concerns whether this growth in population and living standards can continue in […]

Technological Knowledge

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Technological Knowledge A fourth determinant of productivity is technological knowledge the understanding of the best ways to produce goods and services. A hundred years ago, most Americans worked on farms because farm technology required a high input of labor to feed entire population Today, thanks to advances in the technology of farming, a small fraction of the population […]

Natural Resources per Worker

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Natural Resources per Worker  A third determinant of productivity is natural resources. Natural resources are inputs into production that are provided by nature, such as land, rivers, and mineral deposits. Natural resources take two forms: renewable and nonrenewable. A forest is an example of a renewable resource. When one tree is cut down, a seedling can be […]