Conclusion The Importance Of Longrun Growth

In this chapter we have discussed what determines the standard of living in a nation and how policymakers can endeavor to raise the standard of living through policies that promote economic growth. Most of this chapter is summarized in one of the Ten Principles of Economics: A country's standard of living depends on its ^ ability to produce goods and services. Policymakers who want to encourage growth in standards of living must aim to increase their nation's productive ability by encouraging rapid accumulation of the factors of production and ensuring that these factors are employed as effectively as possible.

Was this article helpful?

0 0
Lawn Care

Lawn Care

The Secret of A Great Lawn Without Needing a Professional You Can Do It And I Can Show You How! A Great Looking Lawn Doesnt Have To Cost Hundreds Of Dollars Or Require The Use Of A Professional Lawn Care Service. All You Need Is This Incredible Book!

Get My Free Ebook

Post a comment