Variations in GDP across Countries
The Wealth of Nations
Institutions
Optimism?
Potpourri
100
North Korea, Nigeria, and Argentina.
What are growth disasters?
100
The typical American worker uses about $100,000 worth, The typical Indian worker uses about $10,000 worth.
What is physical capital (e.g., tools, machinery, infrastructure)?
100
The rules, regulations, culture and customs (including attitudes towards wealth)
What are institutions?
100
For nearly all of recorded human history this was equitably distributed across the globe.
What is poverty?
100
If RGDP2016 is $22,000 and RGDP2017 is $23,000 we can calculate the growth rate as
What is 4.55%?
[(23,000 – 22,000) / 22,000] × 100 = 4.55%.
200
South Korea and Japan over the last 50 years.
What are growth miracles?
200
Physical capital, human capital, and technological knowledge all meld to form this important determinant of the standard of living in a country.
What are factors of production?
200
The knowledge used to produce G&Ss
What is technical knowledge?
200
This economic system apparently causes much consternation about income and wealth equality.
What is capitalism?
200
If RGDP2002 is $10,977.5 billion and RGDP2017 is $11,510.7 billion we can calculate the growth rate as
What is 4.86%?
[(11,510.7 – 10,977.5) / 10,977.5] × 100 = 4.86%.
300
This poor nation is the poorest of all nations.
What is the Democratic Republic of the Congo.
300
Communal farming in socialist China was marked by this problem.
What are free riders?
300
Without these one cannot sell and no one cannot buy.
What are well-defined property rights?
300
What are North Korea and South Korea?
300
g_t = ((Y_t - Y_(t-1)))/(Y_(t-1)] x 100
What is the growth rate of RGDP?
400
73%
What is the percentage of people in the world who live below the World's Average GDP (in 2014).
400
Increasing the levels of physical capital - the stock of tools including machines, structures, and equipment require this economic activity.
What is investment?
400
In the U.S on average, this takes 17 procedural steps and 300 days. In India on average, this takes 56 procedural steps and 1.420 days.
What is collecting a debt.
400
The statistician who brought data visualization to the forefront, showing us how much wealthier and healthier the entire world has become over time.
Who is Hans Rosling.
400
g_t = [(Y_1-Y_0)/Y_0] x 100
What is the growth rate of RGDP?
500
In the two decades following WWII this country grew at a rate of 8.5% per year, allowing it's real GDP to double every 8.2 years.
Japan
500
Higher levels of this makes workers more productive. It also increases the value of the wages and salaries of the workers themselves.
What is physical capital?
500
Property rights, honest government, political stability, a dependable and consistent legal system, and open and competitive markets.
What are the five institutions that promote economic growth?
500
Issac Newton said: "If I have seen a little further it is by standing on the shoulders of Giants."
This is also true of ________ which is transferable and potentially boundless. It increases productivity, health, and income for many on this globe.
What is technological knowledge?
500
If labor is made more productive by capital (which it is) then labor and capital can be called __________.
If capital can replace labor (which it can) we call them _________.
What are complements and substitutes?