Chapter
16
Economic
Growth
and
Productivity
Copyright
2002 by The McGrawHill Companies, Inc.
All rights reserved.
161
Chapter
Objectives
•
Economic
record
growth
in
the
United
States:
The
•
The
role
of
productivity
•
The
reasons
our
productivity
has
varied
•
The
roles
of
savings,
capital,
and
technology
•
The
declining
quality
of
our
labor
force
•
Economic
countries
growth
in
the
less
developed
•
The
Malthusian
theory
of
population
Copyright
2002 by The McGrawHill Companies, Inc.
All rights reserved.
162
The
Industrial
Revolution
and
American
Economic
Development
•
Prior
to
the
Industrial
Revolution
–
Old
age
began
around
your
40th
birthday
–
You
lived
and
died
within
a
few
miles
of
where
you
were
born
–
You
spent
most
of
your
time
farming
–
You
were
illiterate
Copyright
2002 by The McGrawHill Companies, Inc.
All rights reserved.
163
