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P. 45. Economic growth, p. 699.
an increase in the real GDP per capita of a nation.
distribution of income
considerations - green party doesn't want economic growth
Stages of economic growth - primitive communism. slavery.
feudalism, capitalism, socialism, communism.
Factors influencing the growth(different theories):
investment (the law of variable proportions). Quality of investment matters.
2. availability of
labour(age, mobility, sex, attitude), capital (savings investments, motivation,
anticipation) and land,
a. education and training
c. stability of economy
d. investment in technology
e. unions resistance
4. Gross and net
5. Population -
growth & structure & migration & education & training
Britain hasn't done as well as other West-European
unions- restrictive practices and high wage demands
and -adventurous management (e.g. investment into R&D)
(UK was first industrialised country)
status of engineers and scientists compared to art people
outflow of capital (little evidence, might be that other factors limit
returns are too important
experience from good growth in 1986. due to oil and supply-side policy