Related Web Links – Module 37 - Long-run Economic Growth

Data and Statistics:

The Bureau of Economic Analysis (BEA) provides GDP data for the US and by region/state.  The reports are often revised and always annualized. Go to: http://www.bea.gov/

The CIA World Fact Book is a source of economic performance by country. Go to: https://www.cia.gov/library/publications/the-world-factbook/geos/us.html

For global data (select a country of an area from the drop down list at this site below).  Go to: http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/0,,contentMDK:20394863~menuPK:1192714~pagePK:64133150~piPK:64133175~theSitePK:239419~isCURL:Y,00.html

Sources of Economic Growth:

The sources of long run economic growth include physical capital, human capital and technology.  The rate of growth of an economy depends on the current relative size of an economy.  That is, a very poor country with low GDP per capita will experience higher rates of growth at lower GDP than a country that has relatively high GDP per capita.  This is sometimes called the catch up effect.  This concept, along with the relationship between business cycles (a short term concept) and growth, the sources of growth, and comparisons to national trends is illustrated in a paper published by the Federal Reserve Bank of Minneapolis.  See “Business Cycles and Long-Term Growth: Lessons from Minnesota” at: http://www.minneapolisfed.org/publications_papers/pub_display.cfm?id=3371

For more on Robert Solow: http://www.econlib.org/library/Enc/bios/Solow.html

For more on Robert E. Lucas: http://www.econlib.org/library/Enc/bios/Lucas.html