ECON 201 Module 4

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10 Terms

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Economic growth

How much real GDP per capita grows over time (change in real GDP per capita)

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Malthusian cycle

Idea that an increase in income per capita above subsistence level leads top higher fertility rates, leading to higher birth rates, leading to lower income per person (Pre-Industrial Revolution concept)

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Industrial Revolution

Technological progess that led to increased production

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4 important advancements during the Industrial Revolution

Banking, insurance, stock exchange, corporations

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Modern economic growth

Rapid, sustained economic growth 1870-present

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GDP (at a given growth rate) in the future

GDP end = (GDP start)(1 + growth rate)^years

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Rule of 70

The number of years it taker for the level of a variable to double

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Rule of 70 formula

70/annual % growth rate

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Catch-up growth

Poor countries tend to grow faster ask they adopt production/technology of richer countries

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Sustained growth

Positive, steady growth rates over decades or centuries