Understanding Global Economic Disparities and Growth Trends

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Economic Growth and Productivity
 
Modules 37 & 39
A typical family with all their possessions
A typical family with all their possessions
in the U.K., an advanced economy
in the U.K., an advanced economy
 
Real GDP per capita: 
Real GDP per capita: 
 
 
$36,600
$36,600
Life expectancy:  
Life expectancy:  
 
 
80 years
80 years
Adult literacy: 
Adult literacy: 
 
 
99%
99%
A typical family with all their possessions
A typical family with all their possessions
in Mexico, a middle income country
in Mexico, a middle income country
 
Real GDP per capita: 
 
$14,800
Life expectancy:  
 
76 years
Adult literacy: 
 
93%
A typical family with all their
A typical family with all their
possessions in Mali, a poor country
possessions in Mali, a poor country
 
Real GDP per capita: 
Real GDP per capita: 
 
 
$1,100
$1,100
Life expectancy:  
Life expectancy:  
 
 
51 years
51 years
Adult literacy: 
Adult literacy: 
 
 
47%
47%
Incomes
and Growth
Around the
World
 
F
A
C
T
 
1
:
There are
vast
differences
in living
standards
around the
world.
Incomes
and Growth
Around the
World
F
A
C
T
 
2
:
There are
vast
differences
in growth
rates.
Real GDP per capita
 
Real GDP per capita – real GDP divided by the
population size.
Focus on RGDP per capita to isolate the effects of
changes in the population.
United States RGDP - $15 trillion
China RGDP - $7.3 trillion
Per capita RGDP – 
US: $50,000 and China: 
$8,500
Today more than 50% of the world’s people live in
countries with a lower standard of living than the U.S.
had a century ago.
 
How Do We Estimate Economic Growth?
 
The Rule of 70
A rule stating that the number of years required for per capital
RGDP to double is equal to 70 divided by the average rate of
economic growth
Example: At an annual growth rate of 10%, per capita real GDP
should double in about:
Productivity
A country’s standard of living depends on its ability
to produce goods & services.
 
Sustained 
Sustained 
economic growth in real GDP per capita 
economic growth in real GDP per capita 
occurs only
occurs only
when 
when 
the amount of output produced by the average worker
the amount of output produced by the average worker
increases 
increases 
steadily.
steadily.
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Example: Robinson Crusoe
Example: Robinson Crusoe
Because he is stranded alone, he must catch his own fish, grow
Because he is stranded alone, he must catch his own fish, grow
his own vegetables, and make his own clothes.
his own vegetables, and make his own clothes.
His standard of living depends on his ability to produce goods
His standard of living depends on his ability to produce goods
and services.
and services.
 
Determinants of Productivity
 
Physical Capital
Human Capital
Technological Knowledge
Physical Capital
 
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Productivity is higher when the average worker has more
Productivity is higher when the average worker has more
capital (machines, equipment, etc.).
capital (machines, equipment, etc.).
Example: Crusoe will catch more fish if he has more fishing
Example: Crusoe will catch more fish if he has more fishing
poles.
poles.
 
Human Capital
 
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Productivity is higher when the average worker has
Productivity is higher when the average worker has
more human capital (education, skills, etc.).
more human capital (education, skills, etc.).
Example: Crusoe will catch more fish if he has been
Example: Crusoe will catch more fish if he has been
trained in the best fishing techniques.
trained in the best fishing techniques.
 
Technological Knowledge
 
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Technological progress does not only mean a
Technological progress does not only mean a
faster computer, a higher-definition TV, or a
faster computer, a higher-definition TV, or a
smaller cell phone.
smaller cell phone.
 It means any advance in knowledge that
 It means any advance in knowledge that
boosts productivity (allows society to get more
boosts productivity (allows society to get more
output from its resources).
output from its resources).
e.g.
e.g.
, Henry Ford and the assembly line.
, Henry Ford and the assembly line.
 
Technological Knowledge vs. Human
Capital
 
Technological knowledge refers to society’s
understanding of how to produce goods &
services.
Human capital results from the effort people
expend to acquire this knowledge.
Both are important for productivity.
 
Physical Capital: Saving and Investment
 
We can boost productivity by increasing capital, which
We can boost productivity by increasing capital, which
requires investment spending.
requires investment spending.
Since resources are scarce, producing more capital requires
Since resources are scarce, producing more capital requires
producing fewer consumer goods.
producing fewer consumer goods.
Reducing consumption = increasing saving. This extra saving
Reducing consumption = increasing saving. This extra saving
funds the production of investment goods. Hence, a tradeoff
funds the production of investment goods. Hence, a tradeoff
between current and future consumption.
between current and future consumption.
 
How can government help?
How can government help?
Giving businesses tax breaks on capital investment
Giving businesses tax breaks on capital investment
Giving savers tax breaks on interest income
Giving savers tax breaks on interest income
 
Investment from Abroad
 
Saving by domestic residents is not the only way for
Saving by domestic residents is not the only way for
a country to invest in new capital.
a country to invest in new capital.
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Government and Investment in
Physical Capital
 
Government  provides physical capital by building
Government  provides physical capital by building
infrastructure – roads, power lines, ports, information
infrastructure – roads, power lines, ports, information
networks
networks
Government can insure the soundness of the banking
Government can insure the soundness of the banking
system through regulation. Without faith in banks there is
system through regulation. Without faith in banks there is
no saving or investment.
no saving or investment.
 
ECONOMIC GROWTH AND PUBLIC
POLICY
How can
How can
public policy affect
public policy affect
long-run growth in productivity
long-run growth in productivity
and living standards?
and living standards?
 
Human Capital: Education
 
Government can increase productivity by
promoting education–investment in human
capital.
public schools, subsidized loans for college
Education has significant effects:  In the U.S., each
year of schooling raises a worker’s wage by 10%.
Health care expenditure is a type of investment
in human capital – healthier workers are more
productive.
In countries with significant malnourishment, raising
workers’ caloric intake raises productivity
 
Technology: Research and Development
 
R & D: Spending to create and implement new
technologies.
Technological progress is the main reason why
living standards rise over the long run.
Policies to promote tech. progress:
patent laws
tax incentives or direct support for private sector R&D
grants for basic research at universities
government R&D: NASA, Center for Disease Control
Property Rights and Political Stability
 
Recall:  
Recall:  
Markets are usually a good
Markets are usually a good
way to organize economic activity.
way to organize economic activity.
The price system allocates resources
The price system allocates resources
to their most efficient uses.
to their most efficient uses.
This assumes private ownership of
This assumes private ownership of
resources.
resources.
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Property Rights and Political Stability
 
Economic stability, efficiency, and healthy growth require 
Economic stability, efficiency, and healthy growth require 
law
law
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enforcement
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, 
effective courts
effective courts
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, 
a stable constitution
a stable constitution
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, and 
honest
honest
government officials
government officials
.
.
 
In many poor countries, the justice system doesn’t work very well -
In many poor countries, the justice system doesn’t work very well -
fraud, corruption and bribery are common
fraud, corruption and bribery are common
 
Political instability (
Political instability (
e.g.,
e.g.,
 frequent coups) creates uncertainty over
 frequent coups) creates uncertainty over
whether property rights will be protected in the future.
whether property rights will be protected in the future.
Investment in human & physical capital will be lower if people and
Investment in human & physical capital will be lower if people and
corporations are fearful that they may lose their property.
corporations are fearful that they may lose their property.
 
Is World Growth Sustainable?
 
Sustainable: describes continued long-run economic
growth in the face of limited supply of natural resources
and exponential population growth.
Technological progress often yields ways to avoid these
Technological progress often yields ways to avoid these
limits:
limits:
Hybrid cars use less gas.
Hybrid cars use less gas.
Better insulation in homes reduces the energy required to heat or
Better insulation in homes reduces the energy required to heat or
cool them.
cool them.
As a resource becomes scarcer, its market price rises, which
As a resource becomes scarcer, its market price rises, which
increases the incentive to conserve it and develop
increases the incentive to conserve it and develop
alternatives.
alternatives.
 
Population Growth
 
may affect living standards in 3 different
may affect living standards in 3 different
ways:
ways:
1. Stretching natural resources
1. Stretching natural resources
 
2.  Diluting the capital stock
2.  Diluting the capital stock
More population per a fixed stock of capital
More population per a fixed stock of capital
means less capital per worker
means less capital per worker
Capital stock must increase at least as fast as
Capital stock must increase at least as fast as
the population to maintain current standards
the population to maintain current standards
 
Population Growth
 
3
3
.  Promoting tech. progress
.  Promoting tech. progress
A larger population may promote technological progress.
A larger population may promote technological progress.
Throughout history, most technological progress has
Throughout history, most technological progress has
come from larger population centers where there are
come from larger population centers where there are
more people to discover things and exchange ideas.
more people to discover things and exchange ideas.
= more scientists, inventors, engineers
= more scientists, inventors, engineers
= more frequent discoveries
= more frequent discoveries
= faster tech. progress & economic growth
= faster tech. progress & economic growth
 
Economic Growth and the Environment
 
China has achieved tremendous economic growth, but has also
increased air pollution in that nation’s cities.
Air pollution causes health problems for workers which lower
productivity.
Air pollution causes a greenhouse effect, which can lead to higher
temperatures, create droughts, and other extreme weather
events.
These events negatively impact economic growth.
 
China’s Pollution
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Explore the significant differences in living standards and economic growth rates across countries, from advanced economies like the UK to middle-income nations like Mexico and low-income countries like Mali. Real GDP per capita, life expectancy, literacy rates, and growth data provide insights into global economic dynamics. Learn how Real GDP per capita is calculated, the Rule of 70 for estimating economic growth, and the impact on living standards over time.


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  1. Economic Growth and Productivity Modules 37 & 39

  2. A typical family with all their possessions in the U.K., an advanced economy Real GDP per capita: $36,600 Life expectancy: Adult literacy: 80 years 99%

  3. A typical family with all their possessions in Mexico, a middle income country Real GDP per capita: $14,800 Life expectancy: Adult literacy: 76 years 93%

  4. A typical family with all their possessions in Mali, a poor country Real GDP per capita: $1,100 Life expectancy: Adult literacy: 51 years 47%

  5. GDP per capita, 2012 $8,500 60,500 35,200 31,000 31,400 3,700 49,000 41,100 10,400 28,000 4,100 17,700 24,500 1,400 1,300 Growth rate, 2006- 10 10.6% 2.9% 0.5% -0.3% 2.2% 7.1% 0.1% 0.1% 3.1% 0.4% 3.2% 5.9% Incomes and Growth Around the World China Singapore Japan Spain Israel India United States Canada Colombia New Zealand Philippines Argentina Saudi Arabia Rwanda Haiti FACT 1: There are vast differences in living standards around the world. 0% 4.4% 0.5%

  6. GDP per capita, 2012 $8,500 60,500 35,200 31,000 31,400 3,700 49,000 41,100 10,400 28,000 4,100 17,700 24,500 1,400 1,300 Growth rate, 2006- 10 10.6% 2.9% 0.5% -0.3% 2.2% 7.1% 0.1% 0.1% 3.1% 0.4% 3.2% 5.9% Incomes and Growth Around the World China Singapore Japan Spain Israel India United States Canada Colombia New Zealand Philippines Argentina Saudi Arabia Rwanda Haiti FACT 2: There are vast differences in growth rates. 0% 4.4% 0.5%

  7. Real GDP per capita Real GDP per capita real GDP divided by the population size. Focus on RGDP per capita to isolate the effects of changes in the population. United States RGDP - $15 trillion China RGDP - $7.3 trillion Per capita RGDP US: $50,000 and China: $8,500 Today more than 50% of the world s people live in countries with a lower standard of living than the U.S. had a century ago.

  8. How Do We Estimate Economic Growth? The Rule of 70 A rule stating that the number of years required for per capital RGDP to double is equal to 70 divided by the average rate of economic growth Example: At an annual growth rate of 10%, per capita real GDP should double in about:

  9. Productivity A country s standard of living depends on its ability to produce goods & services. Sustained economic growth in real GDP per capita occurs only when the amount of output produced by the average worker increases steadily. This ability depends on productivity: the average quantity of goods & services produced per unit of labor input. Example: Robinson Crusoe Because he is stranded alone, he must catch his own fish, grow his own vegetables, and make his own clothes. His standard of living depends on his ability to produce goods and services.

  10. Determinants of Productivity Physical Capital Human Capital Technological Knowledge

  11. Physical Capital Physical capital the stock of equipment and structures that are used to produce goods and services. Productivity is higher when the average worker has more capital (machines, equipment, etc.). Example: Crusoe will catch more fish if he has more fishing poles.

  12. Human Capital Human capital the knowledge and skills that workers acquire through education, training, and experience. Productivity is higher when the average worker has more human capital (education, skills, etc.). Example: Crusoe will catch more fish if he has been trained in the best fishing techniques.

  13. Technological Knowledge Technological knowledge: society s understanding of the best ways to produce goods & services Technological progress does not only mean a faster computer, a higher-definition TV, or a smaller cell phone. It means any advance in knowledge that boosts productivity (allows society to get more output from its resources). e.g., Henry Ford and the assembly line.

  14. Technological Knowledge vs. Human Capital Technological knowledge refers to society s understanding of how to produce goods & services. Human capital results from the effort people expend to acquire this knowledge. Both are important for productivity.

  15. Physical Capital: Saving and Investment We can boost productivity by increasing capital, which requires investment spending. Since resources are scarce, producing more capital requires producing fewer consumer goods. Reducing consumption = increasing saving. This extra saving funds the production of investment goods. Hence, a tradeoff between current and future consumption. How can government help? Giving businesses tax breaks on capital investment Giving savers tax breaks on interest income

  16. Investment from Abroad Saving by domestic residents is not the only way for a country to invest in new capital. To raise the amount of capital per worker, the government can also encourage Foreign direct investment: a capital investment (e.g., factory) that is owned & operated by a foreign entity. Foreign portfolio investment: a capital investment financed with foreign money but operated by domestic residents (stock or bond purchases)

  17. Government and Investment in Physical Capital Government provides physical capital by building infrastructure roads, power lines, ports, information networks Government can insure the soundness of the banking system through regulation. Without faith in banks there is no saving or investment.

  18. ECONOMIC GROWTH AND PUBLIC POLICY How can public policy affect long-run growth in productivity and living standards?

  19. Human Capital: Education Government can increase productivity by promoting education investment in human capital. public schools, subsidized loans for college Education has significant effects: In the U.S., each year of schooling raises a worker s wage by 10%. Health care expenditure is a type of investment in human capital healthier workers are more productive. In countries with significant malnourishment, raising workers caloric intake raises productivity

  20. Technology: Research and Development R & D: Spending to create and implement new technologies. Technological progress is the main reason why living standards rise over the long run. Policies to promote tech. progress: patent laws tax incentives or direct support for private sector R&D grants for basic research at universities government R&D: NASA, Center for Disease Control

  21. Property Rights and Political Stability Recall: Markets are usually a good way to organize economic activity. The price system allocates resources to their most efficient uses. This assumes private ownership of resources. This requires respect for property rights, the ability of people to exercise authority over the resources they own.

  22. Property Rights and Political Stability Economic stability, efficiency, and healthy growth require law enforcement, effective courts, a stable constitution, and honest government officials. In many poor countries, the justice system doesn t work very well - fraud, corruption and bribery are common Political instability (e.g., frequent coups) creates uncertainty over whether property rights will be protected in the future. Investment in human & physical capital will be lower if people and corporations are fearful that they may lose their property.

  23. Is World Growth Sustainable? Sustainable: describes continued long-run economic growth in the face of limited supply of natural resources and exponential population growth. Technological progress often yields ways to avoid these limits: Hybrid cars use less gas. Better insulation in homes reduces the energy required to heat or cool them. As a resource becomes scarcer, its market price rises, which increases the incentive to conserve it and develop alternatives.

  24. Population Growth may affect living standards in 3 different ways: 1. Stretching natural resources 2. Diluting the capital stock More population per a fixed stock of capital means less capital per worker Capital stock must increase at least as fast as the population to maintain current standards

  25. Population Growth 3. Promoting tech. progress A larger population may promote technological progress. Throughout history, most technological progress has come from larger population centers where there are more people to discover things and exchange ideas. = more scientists, inventors, engineers = more frequent discoveries = faster tech. progress & economic growth

  26. Economic Growth and the Environment China has achieved tremendous economic growth, but has also increased air pollution in that nation s cities. Air pollution causes health problems for workers which lower productivity. Air pollution causes a greenhouse effect, which can lead to higher temperatures, create droughts, and other extreme weather events. These events negatively impact economic growth.

  27. Chinas Pollution

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