1.1 economic growth in the very long run
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9 Terms
hockey stick chart description
stagnated GDP per capita until around 19th cent but not all countrie shave benefitted to the same extent
economic growth definition
a sustained increase in living standards in a given country normally measured by real GDP per capita
what is GDP a measure of
the total output and total income generated in the economy
what is real GDP
adjustment for price changes- measure of real income (units of constant purchasing power)
what is real GDP per capita
adjustment for price changes and pop growth (important for welfare comparison)
economic development definition
economic growth accompanied by a substantial structural or organisational change in the economy and improvements in all aspects of human life
alternative to GDP for measuring historical economic conditions
wages, prices, human height, life expectancy, urbanisation
annualised growth rate equation
3 stages in long run growth
malthusian trap, industrial revolution, great divergence
Note 
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