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Lecture Economics: Chapter 26 - Dean Karlan, Jonathan Morduch

Chapter 26 - Economic growth. In this chapter you will learn: How to calculate growth rate of real GDP per capita? What the relationship between productivity and growth is? What the factors that determine productivity are? Why there are differences between a country’s level of income and its rate of growth?. | Chapter 26 Economic Growth © 2014 by McGraw-Hill Education 1 What will you learn in this chapter? • How to calculate growth rate of real GDP per capita. • What the relationship between productivity and growth is. • What the factors that determine productivity are. • Why there are differences between a country’s level of income and its rate of growth. • How to assess evidence for and against convergence theory. • How good governance and economic openness can promote growth. © 2014 by McGraw-Hill Education 2 Economic growth through the ages Rapid economic growth is a modern phenomenon. During the 1800s, economic activity increased substantially. • During the 1900s, GDP grew faster than population, raising the standard of living for many. History of world economic growth: GDP per capita, 1000 BC to 2000 AD • Millions of people/ constant U.S. dollars In the last 50 years, global GDP per capita quadrupled. 9,000 8,000 7,000 6,000 5,000 4,000 Little to no GDP growth. 3,000 World GDP Population Industrial Revolution 2,000 1,000 0 -1000 1 1000 1500 © 2014 by McGraw-Hill Education 1800 Year 1900 1950 1975 2000 3 1 Economic growth through the ages • From the previous chapter, we learned that combining real GDP with population data yields real GDP per capita. – Real GDP per capita describes the change in purchasing power for each person over time. • Given the growth rate in nominal GDP, real GDP per capita growth rate is calculated as: real GDP per capita growth rate = nominal GDP growth rate – inflation rate – population growth rate © 2014 by McGraw-Hill Education 4 Active Learning: Growth in Real GDP per capita Use the equation for calculating real GDP per capita growth to fill in the missing values. Country Nominal GDP Growth (%) Inflation (%) Population Growth (%) Panama 15.4 4 1.4 Guatemala 9 4 Italy 1.2 Real GDP per capita Growth (%) 3 .4 -2.4 © 2014 by McGraw-Hill Education 5 Compounding and the rule of 70 • Economic .