【正文】
Economic Growth, Productivity, and Living Standards Important Concepts ? Compound interest 復利 ? Diminishing returns to capital 資本收益遞減 ? Entrepreneur 企業(yè)家 Chapter outline ? The sources of economic growth and rising living standards in the modern world ? Analyze each of there factors and discuss its implications for government policies to promote growth Introduction ? “ Which would you rather be? An ordinary, middleclass American living today, or the richest person in America at the time of Gee Washington?” ? You can think of enormous change in the way average people live ? These changes are due in large part to scientific advances. ? New scientific knowledge leads to widespread improvements in living standards only when it is mercially applied Ⅰ .the remarkable rise in living standards: the record ? Compound interest ? Why nations bee rich: the crucial role of average labor productivity Real GDP per Person In Selected Countries, 18702022 (in 2022 . Dollars) Country Australia 5,512 7,236 9,369 17,670 28,312 Canada 2,328 5,509 8,906 19,882 29,201 France 2,291 4,484 6,164 18,138 26,176 Germany 1,152 2,218 4,785 17,222 25,271 Italy 2,852 4,018 5,128 16,912 25,458 Japan 931 1,763 2,141 16,329 26,636 United Kingdom 3,892 5,976 8,709 16,557 26,852 United States 2,887 6,852 12,110 22,835 35,488 Annual % change 19502022 Annual % change 18702022 1870 1913 1950 1979 2022 Real GDP per Person in Five Industrialized Countries, 1870 2022 Observation The variety, quality, and quantity of goods and services increased enormously during the 19th and 20th centuries, as reflected in real per capita GDP. Real GDP per Person In Selected Countries, 18702022 (in 1995 . Dollars) Country Australia 5,626 7,385 9,561 18,033 24,708 Canada 2,447 5,791 9,362 20,899 26,604 France 2,249 4,401 6,049 17,801 22,447 Germany 1,205 2,3