The long-run growth is measured as the increase in real GDP per capita and this measure has changed over time and it also varies across countries
The long-run growth is measured as the increase in real GDP per capita and this measure has changed over time and it also varies across countries. A country’s standard of living depends on its ability to produce goods and services (productivity).
a. How do we measure long-term economic growth of a country? What are the key determinants of long-run economic growth?
b. What is the relationship between economic growth and productivity? What is the major source of growth in labor productivity?
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