ECON 1013 Lecture Notes - Lecture 1: Capital Accumulation, Human Capital, Man-Hour
4 Nov 2016
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Document Summary
The main goal is to isolate and study the factors that contribute to a sustained increase of income per capita and cause it to grow at the maximum possible sustainable rate. Improvements in tech (how to communicate and deal with each other better) Capital accumulation (physical or human capital the more ideas the more capital we have) Favourable environment and property rights (good environment = better economic growth) Reasonable equitable income distraction amount difference social classes (everyone enjoying a stand out of living) Good government policies (government is a major role in allowing an economy to grow, the collective effort by everyone to cooperate) Countries who are more open to trading succeed more. More developed countries have dif culty trading because they have less resources to trade. Same goes for less developed countries who have an easier time trading cause they have more to offer. Political environment, (no wars, no invasion of one people"s territory by other people)
