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ECONOMIC GROWTH

Understand the significance of economic growth in improving living standards. Explore how advancements in technology drive growth and enrich our lives. Learn about the impact of per capita GDP on individual prosperity and societal progress. Join the conversation on measuring and fostering economic growth for a better future.

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ECONOMIC GROWTH

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  1. ECONOMIC GROWTH Adding to our Quality of Life Year by Year

  2. Would you prefer to be a rich person in 1925, with access only to the technologies and lifestyle available in 1925,or be a person with an average standard of living today, with access to all modern technologies?

  3. Hans Roslings Magic Washing Machine • http://www.ted.com/talks/view/lang/en//id/1101

  4. What is economic growth • Economic growth is a steady, long term increase in a nation’s GDP that tends to raise living standards.

  5. ECONOMIC GROWTH • How do we measure economic growth? • Because population changes or is different from place to place • Economic Growth is expressed as per/capita GDP • GDP divided by population

  6. ECONOMIC GROWTH • What leads to growth, rise in per capita GDP and improved standards of living? • Increase in physical capital • Increase in human capital • Technology • Supportive market environment

  7. ECONOMIC GROWTH • Go to gapminder.com

  8. ECONOMIC GROWTH • The new technology of the washing machine relieved Rosling’s mother of the drudgery of physical labor so that she could educate herself and her son. Write a paragraph identifying a change in technology that is adding to your human capital (education and experience) and explain how it improves your quality of life?

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