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ModuleGrowth Policy:Why EconomicGrowth Rates Differ
KRUGMAN'SMACROECONOMICS for AP*
39
Margaret Ray and David Anderson
What you will learnWhat you will learn
in thisin this ModuleModule::
• The factors that explain why long-run growth rates differ so much among countries
• The challenges of growth posed by scarcity of natural resources, environmental degradation, and efforts to make growth sustainable
Thomas Alva Thomas Alva EdisonEdison
Why Growth Rates DifferWhy Growth Rates Differ
• Capital, Technology, and Growth Differences
• Adding to Physical Capital
• Adding to Human Capital
• Technological Progress
Why Growth Rates DifferWhy Growth Rates Differ• The Role of Government in
Promoting Economic Growth
• Governments and Physical Capital
• infrastructure
• Governments and Human Capital
• Governments and Technology
• Political Stability, Property Rights and Excessive Intervention
Is World Growth Is World Growth Sustainable?Sustainable?
• Sustainable Growth?
• Natural Resources and Growth, Revisited
• Economic Growth and the Environment
Is World Growth Is World Growth Sustainable?Sustainable?
• 3 Questions
• How large are the supplies of key natural resources?
• How effective will technology be at finding alternatives to natural resources?
• Can long - run economic growth continue in the face of resource scarcity?
Table 39.1 Human Capital in Latin America and East Asia
Ray and Anderson: Krugman’s Macroeconomics for AP, First EditionCopyright © 2011 by Worth Publishers
Figure 39.2 U.S. Oil Consumption and Growth over TimeRay and Anderson: Krugman’s Macroeconomics for AP, First
EditionCopyright © 2011 by Worth Publishers
Figure 39.3 Climate Change and GrowthRay and Anderson: Krugman’s Macroeconomics for AP, First
EditionCopyright © 2011 by Worth Publishers