U.S. Economy
Since the early 19th century, what other country besides the U.S. America—expanded GDP per capita at an average rate of about 2% per year.
What is (Western) Europe?
This country's economic growth took off in the 1960s and 1970s, with a growth rate of real GDP per capita averaging 11% per year during those decades.
What is Japan?
The letter "g" represents this term in the following equation
Future Value = Present Value × (1 + g)n
What is the growth rate?
A component of physical capital such as roads and rail systems.
What is infrastructure?
Find a _________ pick it up, all day long you'll have good luck.
What is a Penny or a Megan?
Improvements in human capital, physical capital, and technology, lead to this term getting healthier.
What is GDP per capita?
What country remained close to a subsistence standard of living despite the Industrial Revolution
What is Africa or Asia?
Accumulated knowledge (from education and experience), skills, and expertise that the average worker in an economy possesses.
What is human capital?
2001 to 2009 in the economy was hardly great.
What is the Great Recession?
The number of kids Professor Lewis has.
What is 2?
This term refers broadly to all new methods of production, which includes major scientific inventions but also small inventions and even better forms of management or other types of institutions.
What is technology?
The Industrial Revolution led to increase in this amongst other nations.
What is inequality?
The second factor that determines labor productivity
What is technological change?
The rights of individuals to enter into agreements with others.
What are contractual rights?
Professor Lewis likes nicknames, but he would never use this term for a student that was originally created as an insult, but later adopted by Marines as a badge of pride.
What is a Jarhead?
This term refers to an increase in the amount of capital per worker, in the form of higher education or skills, or physical capital per worker.
What is capital Deepining?
This term refers to the widespread use of power-driven machinery and the economic and social changes that resulted in the first half of the 1800s.
What is the Industrial Revolution?
Technological change is a combination of
The process of enacting laws that protect individual and entity rights to use their property as they see fit.
What is the rule of law?
What make and model represents the motorcycle Professor Lewis rides referred to in German as the Gelände/Straße.
What is a BMW GS or GSA?
The United States experienced a productivity slowdown between these years.
What are 1973 and 1989?
This term refers to the spectacular economic growth patterns around the world in the last two centuries.
What is modern economic growth?
The connection from inputs to outputs for the entire economy
What is the aggregate production function?
Pattern in which economies with low per capita incomes grow faster than economies with high per capita incomes.
What is convergence?
This genre of music is one of Professor Lewis's favorite
What is drill or trap?