Chapter 25: Production and Growth

In this video, I discuss the determinants of economic growth in an economy.
Rule of 72 4:15
Growth rate of real GDP per capita 7:25
Calculating a percent change 9:16
Productivity 10:18
Physical capital per worker 15:28
Human capital per worker 17:42
Natural resources 18:40
Technical knowledge 20:19
The production function 21:18
Law of diminishing marginal product 25:10
Constant returns to scale 26:17
Limits to growth 28:32
Economic growth and public policy 33:10
Saving and investment 33:35
Diminishing returns and the catch-up effect 36:05
Investment from abroad 40:05
Education 43:53
Health and nutrition 46:12
Property rights and political stability 47:00
Free trade 48:51
Research and development 50:19
Population growth 52:04
Growth accounting 54:07
Dr. Azevedo
Department of Economics and Finance
University of Central Missouri

[@affulkwekuisaac636]

In my life ,one of things that will happen to me to make me happy most is to meet this Lucturer like face to face. since i came across his economics videos my life has changed from worse to excellent,now i can say I'm one of best economics student at my department now 🎉🎉

[@DrAzevedoEcon]

Thanks for the kind words! I'm glad to have helped. If you ever happen to be in Warrensburg, Missouri drop by and see me.

[@jannatsufi264]

This is my second video that I’m watching for my Econ class and the lecture, examples, even the table and the order he explains everything is exactly same as how my prof is teaching it. I wondering I should just watch RUclips instead of going to lectures

[@linnetmbotto7212]

You have broaden my understanding of a lot of concepts. Thanks for this lengthy video.

[@DrAzevedoEcon]

Happy to help!

[@affulkwekuisaac636]

May God bless you with more ages to continue to impact on our life 🙏💯

[@padraigdevitt8755]

delighted you are posting new videos ! thank you sir

[@DrAzevedoEcon]

It's good to be "back."

[@tee50252]

Got an A in micro with you, planning to get an A in macro next)) Thank you for everything!

[@Abd-ts6vd]

All teachers should watch your lecture before they deliver it to the students ❣️. Thank you so muxh Sir...

[@DrAzevedoEcon]

You're welcome!

[@abdalla2855]

Idk what to say Sir, the way you explain is so simple to me, thank you for the hardwork.

[@DrAzevedoEcon]

I'm glad the videos have helped you!

[@abdalla2855]

@@DrAzevedoEcon ❤❤❤❤

[@avijeetswain7101]

I love how you teach ❤

[@DrAzevedoEcon]

Thanks! I've had lots of practice.

[@tunadincer9571]

Thanks for videos sir. You are the best

[@DrAzevedoEcon]

Thank you! I'm happy to be able to help out!

[@user-og8oc5dd6i]

Thank you so much Sir , by the way I really want to know the next part of production and growth .

[@chan-iv9qx]

thank you so much sir! you are really helping me pass my exam!

[@DrAzevedoEcon]

Great! Good luck!

[@YOURMOM-sy9ck]

Thank you so much you save me from Econ class

[@fatimajunejo]

Great content

[@WillThessen]

favorite big smiths member

[@DrAzevedoEcon]

Hmmm....Big Smith, as in the band?

[@ougmass]

GDP is not the real measure of the economy, if we consider the economy as a study of satisfying both the consumption, and the happiness of people.

[@DrAzevedoEcon]

You're correct. Economists are the first to point this out. If you'll go watch my video on GDP, you'll hear a discussion of the things that GDP doesn't measure. Of course, this doesn't diminish its usefulness as one of the indicators of a healthy economy.

[@k_evangelina]

wow! new video)
thank you!!! so much)

[@DrAzevedoEcon]

You're welcome!!

[@leosmith4310]

Thank you so much

[@DrAzevedoEcon]

You're welcome! Happy to be able to help.

[@NgocLeBao-ix5cw]

What book did you base it on, Sir?

[@DrAzevedoEcon]

The book by Greg Mankiw: Principle of Economics.

[@aarontsoi]

Thank you professor! But I am confused with the meaning of "A". Is A represents the Productivity or Technology in the formula of Output (Y)?

[@DrAzevedoEcon]

You're welcome. Here's some more on A. Consider the following production function where A=2:
Y = 2LK
If we have 1 unit of labor and 1 unit of capital, we get 2 units of output (Y=2*1*1). Suppose we want to change the production function to represent labor and capital becoming more productive. We could change A to 3. Our production function would now be
Y=3LK
If we use the same amount of labor and capital as before (L=1 and K=1), we now get 3 units of output out of the same amounts of input.

[@aarontsoi]

@@DrAzevedoEcon Oh, thank you, professor! I get it now. So I don't have to be confused with whether the A represents productivity or technology because they are the same because what makes the productivety growth is capital of human, physical and technology advanced.

[@DrAzevedoEcon]

@@aarontsoi Exactly!

[@shaikmahfuz4507]

its good and detail explanation but i will be glad if you make an video that explains the way to see any country economics by considering all the information of macro and micro eco

[@user-nh7on2in2y]

bro the board is behind you

[@DrAzevedoEcon]

Not mine...;)

[@imlynhh652]

36:33