Chapter 20: Problem 1
Explain what the Industrial Revolution was and where it began.
Chapter 20: Problem 1
Explain what the Industrial Revolution was and where it began.
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Get started for freeAssume there are two countries: South Korea and the United States. South Korea grows at \(4 \%\) and the United States grows at \(1 \% .\) For the sake of simplicity, assume they both start from the same fictional income level, \(\$ 10,000\). What will the incomes of the United States and South Korea be in 20 years? By how many multiples will each country's income grow in 20 years?
Explain the difference between property rights and contractual rights. Why do they matter to economic growth?
What is an aggregate production function?
Over the past 50 years, many countries have experienced an annual growth rate in real GDP per capital greater than that of the United States. Some examples are China, Japan, South Korea, and Taiwan. Does that mean the United States is regressing relative to other countries? Does that mean these countries will eventually overtake the United States in terms of the growth rate of real GDP per capital? Explain.
What are the "advantages of backwardness" for economic growth?
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