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Economic Growth Across Time

Economic Growth Across Time

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Are you having trouble with your Economics assignments? Let us help you at http://classof1.com/homework-help/economics-homework-help/

Economic Growth Across Time:
Are you having trouble with your Economics assignments? Let us help you at http://classof1.com/homework-help/economics-homework-help/

Economic Growth Across Time:

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Published by: ClassOf1.com on May 07, 2014
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05/07/2014

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conomics
 
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Subject: Economics
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Economic Growth Across Time
Eventually, the most significant feature of long-run economic growth is how the performance of economy is observed. Levels of economic productivity and material standards of living in the USA nowadays are approximately 4 times what they were earlier. Mexico has undergone successful growth-oriented economic policies during the last two years owing to its favorable initial conditions. Levels of economic productivity and material standards of living in the USA are at least five times in comparison to what they were during the end of the nineteenth century and about ten times more than what it was at the time of foundation of the nation.
Historical Perspective
Measurement of the historical output value is very complicated. There were merchandises which  were very significant at a specific point of time (like covered wagons) those were not present in previous times and are totally obsolete nowadays. By the 1800s average
 worker output was below one dollar per day in perspective of today’s terms.
 Almost everybody lived in what is known as a condition of state poverty. The phenomenon of middle class is very recent. Majority of the development in the living standard at an average has occurred in the previous one hundred to one hundred fifty years. Other confirmation which supports this perspective of GDP-based data includes the Longevity and Height. As per Ward Nicholson, during the period of Jesus Christ, the average lifespan was nearly 43 years and average height of male persons was about 172cm. During the period from 1400 to 1800, these corresponding figures were about 34 years and about 173cm respectively. Longevity had not  become fifty years even by 1900. At present, the figures are 71 years and 174.2cm respectively.  As per DeLong, during the period of Jesus Christ, minimum ninety percent of population was engaged in agriculture work so as to produce sufficient food. During 1800, this figure was more than fifty percent. In USA, the proportion is about two percent today. As per Niall Ferguson, in  between the seventeenth and twentieth century, the killing power of war increased by approximately to a factor of eight hundred.
 
Subject: Economics
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The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades.
Future Growth
Economic growth has gained momentum since the 1500s. The main factors for this momentum
gain have been possible owing to the “demographic transition” that is the norms of fewer children
in order to lessen the pressure of population growth on the supply of food. Modern technology and science that has improved out ability vastly to utilize machinery instead of human labor grow food and use the information to utilize resources effectively. Modern states of democracy promote economic growth and encourage individual freedom. In various underdeveloped countries the
“demographic transition” has started showing its sign
.

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