ECON1102 Chapter Notes - Chapter 10: Infant Mortality, E-Book, Macroeconomics
Document Summary
Increase in living standards and general eco conditions. E. g: uk from late 1700s (industrial revolution) Japan and china in second part of 1900s. Eco growth has delivered significant increases for standards of living. Real gdp per-capita is the standard indicator of a country"s standard of living: not a complete measure of economic well-being, but has positive correlations to life expectancy, infant mortality etc. Real gdp per capita: y = y/pop = gdp/pop. While there are some short-run fluctuations in per-capita gdp, a key feature is relatively persistent growth. Cross-country inequality when comparing real income per-capita across countries: gni per-capita in 2016, converted to us dollars at market exchange rates (see e-book for ppp) indicate relative to us. Small differences in growth rates, maintained over many years, can cause large divergences over time in living standards. Aus real gdp per-capita is about ,000 and has growth at around 1% per year for the past few years.
