ECON 1116 Lecture Notes - Lecture 8: Free Trade, Income Distribution, Alphabeat (Album)
16 Feb 2016
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More consumer goods, higher standard of living, more education, longer lifespan, more democratic, more leisure produce anything) stealing it, free trade. Institutional structures (things that allow for growth: education/literacy, property rights (if you can"t reap in the benefits you lack incentive to, patents /copyrights (protect intellectual property to prevent others from. Measure economic growth: realgdp(adjusted for inflation, rgdp per capita (accounts for the population) Used as a measure of standard of living. Increase in growth results in (pros: pollution (when you make more you use up more goods and produce more waste) Hpi (costa rica) this standard includes happiness, leisure, crime, etc. How might rgdp be overestimated: paying a divorce attorney (doesn"t affect standard of living, things that correct for pollution(contribute to gdp but is bad for standard of living) Things that make ppc curve move outward: (increase in total amount of. Decrease in unemployment does not move the curve (this is use of resources)
