The Role Of Education In Economic Development
Econ help please …. studying for the exam?
1. What is the long-run average rate of growth in real GDP? Real GDP per capita?
2. How does U.S. growth compare with Europe? Asia? Africa?
3. What is the role of each of the following in economic growth:
o Political structure, property rights, human capital, capital, savings, education, natural
resources, industrial policy, population growth, research and development, taxes, free
trade
1. From 1947 until the first quarter of 2008, the average rate of growth in real GDP has been 3.4% (see http://research.stlouisfed.org/fred2/series/GDPC1).
2. U.S. growth has been higher than growth in Europe and Africa. However, several Asian countries have grown faster than the U.S.
3. A stable political structure, well-established and enforceable property rights, high human capital, high capital, high savings, high education, many natural resources, predictable industrial policy, low, but positive population growth, high research and development, reasonable taxes, and free trade agreements are usually good for economic growth.
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