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The Real Gross Domestic Product - Assignment Example

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This assignment "The Real Gross Domestic Product " discusses a reflection of the living standards of the people in a particular country. It is noted that Argentina had experienced the least growth of 91.6% in its living standards since 1960, while Ghana had experienced a growth of 105.5% since 1960…
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The Real Gross Domestic Product
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First, it is important to note that long-run economic growth depends solely on productivity, which is mainly influenced by physical capital, human capital, and technology (Krugman and Wells 246-247).
Physical capital such as office space and types of machinery influence the long-run economic growth of aggregate output per capita by increasing the productivity of a worker. Human capital also influences the long-run economic growth of aggregate output per capita since a well educated and highly trained employee will offer a more competitive advantage and increase the value of labor. Thirdly technology influence long-run economic growth of aggregate output per capita by increasing efficiency and effectiveness of production whilst reducing the operating cost. Lastly, according to (Krugman and Wells 251) natural resources do not necessarily influence the long-run economic growth of aggregate output per capita in today’s World as it did in the past centuries. However, it is of the essence to note that natural resources have the potential of increasing a country’s foreign exchange income thus influence the long-run economic growth of a country that is endowed with natural resources such as mineral deposit and abundant farmland. Read More
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