ECO 2013 Lecture Notes - Lecture 13: Technological Change
Document Summary
We are doing an experiment next friday: you need to register before then, instructions are on canvas under chp. 10,12,13 module titled moblab guide". Also there is a wall street document under the chp. 14,15,16 module. Calculating growth rates and the rule of 70: one way to measure long-run growth is using the growth rate. Growth rate= the percentage change from one year to the next. General formula for price change looks like this: The growth rate of real gdp per capita would be the above formula where. If real gdp in 2012 was ,052 billion and real gdp in 2013 was ,471 billion, what was the growth rate in 2013? o. The rule of 70 can help us determine how long it takes an economic variable to double. Putting this in perspective: china vs. united states, china has: Increases in real gdp per capita rely on increases in labor productivity.
