Summary: Many factors influence economic growth and development. Geography, factor endowments, institutions, and government policy all play a role. Today we start to explore the relationship between these factors and economic growth.
Inquiry Question: What causes economic growth and development?
No work due today. First day of class!
Introduction to AT Economics
Lecture: The Sources of Economic Development
Listen to this podcast. Focus on this question as you listen: How do new ideas differ from changes in the capital stock in regard to their effects on economic growth?
Paul Romer, Stanford University professor and Hoover Institution Senior Fellow talks with EconTalk host Russ Roberts about growth, China, innovation, and the role of human capital. Also discussed are ideas in creating growth, the idea that ideas allow for increasing returns, and intellectual property and how it should be treated. This 75 minute podcast is a wonderful introduction to thinking about what creates and sustains our standard of living in the modern world.