Wednesday
Mostly summarized from Gregory Mankiw’s Principles of Economics, 5th Ed. PART 9 The Real Economy in the Long Run Chapter 25 of 36 Production and Growth Section 20 of 21 … Things government can promote and strengthen to increase productivity and living standards include 1· saving and investment 2· investment from abroad 3· education 4· health and nutrition 5· property rights and political stability 6· free trade 7· research and development 8· population growth … 8· population growth, continued The on-going debate over the effects of a growing world population includes these topics: a· Stretching natural resources b· Diluting the capital stock c· Promoting technological progress … c· Promoting technological progress. Some economists contend world population growth has powered technological progress and economic prosperity. If there are more people there are more scientists, inventors, and engineers to contribute to technological advance. Economist Michael Kremer supported this hy...