All Terrain Thinking

A Compendium of things I think are Important

Economics: It's not just whats' in your wallet

The Long-term: Economic Growth

In addition to the focus on the short-term fluctuations in the economy, there was also an interest in economic growth that extended beyond the placards on Department of Commerce desks which read: "What have you done for growth today?" When we talk about growth we are talking about output - what Adam Smith defined as the wealth of nations. The interest on growth is not misplaced since seemingly small differentials in growth can have substantial impacts on the level of income as we move further into the future. In this unit which focuses on growth we will look at the following questions / issues:

• Quantitative significance of growth
• Alternatives to more
• Decomposition of growth and the slowdown in growth
• Productivity growth and the cost disease of the service sector
• Policies to promote growth
• Stage for the 1970s

 

 

 

 

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