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