ECON UN1105 Chapter Notes - Chapter 22: Industrial Revolution, Longrun, Creative Destruction
21 Apr 2020
School
Department
Course
Professor
Document Summary
Chapter 22, long-run economic growth: sources and policies. Industrial revolution: 1750, in england, living standards rose signi cantly after the industrial revolution. Economic growth rates >as in the annual growth in a country"s gdp. >in the long run, small differences in economic growth rates result in big differences in living standards. Growth rates: an economy that grows too slowly fails to raise living standards. Infant mortality rates and a nation"s wealth: high income countries >4/1000 babies die before the age of 1, poor countries >100/1000 babies die before the age of 1. 2 main groups: high-income countries, aka: industrial countries, aka: developed countries, australia, canada, japan, new zealand, the united states, countries of western europe, lower-income countries, aka: developing countries, most countries of africa, asia, and latin america, newly industrializing countries, countries that experienced high rates of growth in the 1980s/1990s, singapore, south korea, taiwan.
