Principles of Macroeconomics: Chapter 12 - N. Gregory Mankiw

Principles of Macroeconomics: Chapter 12 - Production and Growth presents Economic growth around the world, productivity’s role, the factors that determine a country’s productivity, economic growth and public policy.
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Principles of Macroeconomics: Chapter 12 - N. Gregory MankiwChapter 12Principles of Macroeconomics, N. Gregory Mankiw (Fifth Edition)Objectives Economic growth around the world  Productivity’s role  The factors that determine a country’s productivity.  Economic growth and public policyReview Principle 8: A Country’s Standard of LivingDepends on Its Ability to Produce Goods and Services.Economic Growth Around the World The data on real GDP per person show that living standards vary widely from country to country The growth rate measures how rapidly real GDPper person grew in the typical year Because of differences in growth rates Ranking of countries by income changessubstantially over timeProductivity = the quantity of goods and services producedfrom each unit of labor input When a nation’s workers are very productive,real GDP is large and incomes are high. When productivity grows rapidly, so do livingstandards.