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A Primer on Macroeconomics, Second Edition, Volume II, 2nd Edition by Professor Thomas M. Beveridge

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CHAPTER 9

Economic Growth and Lasting Lessons

 

By the end of this chapter, you will be able to:

  • Outline the rationale of modern supply-side policies and evaluate the effectiveness of such policies.
  • Define economic growth and identify the three sources of economic growth.
  • Interpret the information presented by an aggregate production function.
  • Describe the causes of diminishing marginal productivity.
  • Describe the insights of endogenous growth theory.
  • Outline the issues involved in achieving sustainable long-run growth.
  • Discuss the “lasting lessons” of macroeconomics.

 

In 1728, Jonathan Swift, satirist and author of Gulliver’s Travels, sowed an intellectual seed that bore fruit in a Washington, DC restaurant two and a half centuries later. ...

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