Determine which position you support and defend your position.
Gross domestic product The economic growth rate is calculated from data on GDP estimated by countries' statistical agencies. The rate of growth of GDP per capita is calculated from data on GDP and people for the initial and final periods included in the analysis of the analyst.
Determinants of per capita GDP growth[ edit ] In national income accounting, per capita output can be calculated using the following factors: Productivity improving technologies economic history Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation.
Increases in productivity are the major factor responsible for per capita economic growth — this has been especially evident since the midth century. Most of the economic growth in the 20th century was due to increased output per unit of labor, materials, energy, and land less input per widget.
The balance of the growth in output has come from using more inputs. Both of these changes increase output. The increased output included more of the same goods produced previously and new goods and services. During the Second Industrial Revolutiona major factor of productivity growth was the substitution of inanimate power for human and animal labor.
Also there was a great increase in power as steam powered electricity generation and internal combustion supplanted limited wind and water power. Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management, and the Green Revolution.
Interchangeable parts made with machine tools powered by electric motors evolved into mass productionwhich is universally used today. Real food prices fell due to improvements in transportation and trade, mechanized agriculturefertilizersscientific farming and the Green Revolution.
Great sources of productivity improvement in the late 19th century were railroads, steam ships, horse-pulled reapers and combine harvestersand steam -powered factories.
By the late 19th century both prices and weekly work hours fell because less labor, materials, and energy were required to produce and transport goods. However, real wages rose, allowing workers to improve their diet, buy consumer goods and afford better housing.
New goods and services included television, air conditioning and commercial aviation aftercreating enough new demand to stabilize the work week. Productivity in the United States grew at an increasing rate throughout the 19th century and was most rapid in the early to middle decades of the 20th century.
Demographic changes[ edit ] Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate.
Women with fewer children and better access to market employment tend to join the labor force in higher percentages. There is a reduced demand for child labor and children spend more years in school.
The increase in the percentage of women in the labor force in the U. Spending wave Other factors affecting growth[ edit ] Political institutions, property rights, and rule of law[ edit ] See also: These included new laws favorable to the establishment of business, including contract law and laws providing for the protection of private property, and the abolishment of anti-usury laws.
Enforcement of contractual rights is necessary for economic development because it determines the rate and direction of investments. When the rule of law is absent or weak, the enforcement of property rights depends on threats of violence, which causes bias against new firms because they can not demonstrate reliability to their customers.Yahoo Lifestyle is your source for style, beauty, and wellness, including health, inspiring stories, and the latest fashion trends.
ECO Week 5 Learning Team Fiscal Policy Paper v2. This document includes ECO Week 5 Learning Team Fiscal Policy Paper. PLACE THIS ORDER OR A SIMILAR ORDER WITH LITE ESSAYS TODAY AND GET AN AMAZING DISCOUNT.
Share this: Click to share on Twitter (Opens in new window). ECO WEEK 5 Major Debates over Macroeconomic Policy Select two subjects from the following list of topics and write a 1,word analysis: Active monetary and fiscal policy.
View Essay - ECO Week 5 Fiscal Policy Paper from ECONOMICS at University of Phoenix. 1 Fiscal Policy ECO/ Week 5 2 Fiscal Paper Tax Payers The United States deficit, surplus and debt%(7). 2. The UK economy and public finances UK economy. The government’s long-term economic plan is securing the recovery.
Fiscal responsibility has allowed monetary activism to support demand in. As the country’s only dedicated bird conservation NGO, it is important for BirdLife South Africa to keep in touch with the public and inform them about important bird conservation matters.