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Definitions and explanations of key economic growth concepts, including the rule of 70, labor productivity, physical capital, human capital, technology, aggregate production function, growth accounting, total factor productivity, convergence hypothesis, research and development, infrastructure, and sustainability.
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tells us that the time it takes a variable that grows gradually over time to double is approximately 70 divided by that variables annual growth rate. TERM 2
DEFINITION 2 often referred to simply as productivity, is output per worker.Over the longer run, however, the rate of employment growth is never very different from the rate of population growth. Over the course of the twentieth century, for example, the population of the United States rose at an average rate of 1.3% per year and employment rose 1.5% per year. TERM 3
DEFINITION 3 Physical capital consists of human-made goods such as buildings and machines used to produce other goods and services. TERM 4
DEFINITION 4 is the improvement in labor created by the education and knowledge of members of the workforce. TERM 5
DEFINITION 5 is the technical means for the production of goods and services.
is a hypothetical function that shows how productivity (output per worker) depends on the quantities of physical capital per worker and human capital per worker as well as the state of technology. diminishing returns to physical capital when, holding the amount of human capital per worker and the state of technology fixed, each successive increase in the amount of physical capital per worker leads to a smaller increase in productivity. TERM 7
DEFINITION 7 to estimate the contribution of each major factor in the aggregate production function to economic growth TERM 8
DEFINITION 8 is the amount of output that can be produced with a given amount of factor inputs. TERM 9
DEFINITION 9 international differences in real GDP per capita tend to narrow over time. TERM 10
DEFINITION 10 good, growthsad