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Growth, Productivity, and the Wealth Of Nations

Laugher Curve. We have two classes of forecasters:Those who don't know, and those who don't know they don't know.John Kenneth Galbraith. General Observations about Growth. Growth increases the economy's potential output.. Growth and the Economy's Potential. Growth is an increase in the amount o

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Growth, Productivity, and the Wealth Of Nations

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    1. Growth, Productivity, and the Wealth Of Nations Chapter 8

    2. Laugher Curve We have two classes of forecasters: Those who don't know, and those who don't know they don't know. John Kenneth Galbraith

    3. General Observations about Growth Growth increases the economy’s potential output.

    4. Growth and the Economy’s Potential Growth is an increase in the amount of goods and services an economy produces. Growth is an increase in potential output.

    5. Growth and the Economy’s Potential Potential output – the highest amount of output an economy can produce from the existing production function and existing resources.

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