Table caption: "Table7.3 Growth of GDP over Different Time Horizons"

Reference to OS 19 (not currently mapped in our AL)--remove?

From OS

This would be an excellent place to mention the US funding of COVID vaccine research--maybe a link to learning after this card?

This example is pulled from Giacomo's slides. Possible replacement: education fund accounts? (Same concept of tax-exemption, less common)

This sentence is from OS

First paragraph is Giacomo adaptation, second paragraph is OS text

This is a combo of Giacomo's list and OS's list. I've devoted one explanation card to each item on this list. Education, savings/investment, and scientific research are featured by both Giacomo & OS; we may want to cut some of the others

From OS 7.3

It would be great if we could pull empirical evidence to support this

Start of OS content (late 7.3), runs to the end of the section

Caption: "Figure 7.6 Physical Capital per Worker in the United States The value of the physical capital, measured by plant and equipment, used by the average worker in the U.S. economy has risen over the decades. The increase may have leveled off a bit in the 1970s and 1980s, which were, not coincidentally, times of slower-than-usual growth in worker productivity. We see a renewed increase in physical capital per worker in the late 1990s, followed by a flattening in the early 2000s. (Source: Center for International Comparisons of Production, Income and Prices, University of Pennsylvania)"

Caption: "Figure 7.5 Human Capital Deepening in the U.S. Rising levels of education for persons 25 and older show the deepening of human capital in the U.S. economy. Even today, under one-third of U.S. adults have completed a four-year college degree. There is clearly room for additional deepening of human capital to occur. (Source: US Department of Education, National Center for Education Statistics)"

Key term?

In the lecture notes, Giacomo says "The logic behind decreasing returns is that, if K increases while holding L fixed machines per worker and worker productivity falls." I don't have great clarity on what "worker productivity falls" truly means and don't want to put something incorrect--fill in once lecture videos are out

This example is taken from lecture (the pollution example is from OS Micro)

We should actually define spillover somewhere

This is a shortened version of the full definition to avoid vocab words we haven't defined yet

Starting off with Giacomo's slide content

This link to learning is a NYT article behind a paywall, we should look for a replacement that is truly free

For this card & the others in this section--if we keep capital deepening defined in the later section, we should revise the wording to avoid referencing capital deepening or heavily edit this section

Figure 7.7 Capital Deepening and New Technology Imagine that the economy starts at point R, with the level of physical and human capital C1 and the output per capita at G1. If the economy relies only on capital deepening, while remaining at the technology level shown by the Technology 1 line, then it would face diminishing marginal returns as it moved from point R to point U to point W. However, now imagine that capital deepening is combined with improvements in technology. Then, as capital deepens from C1 to C2, technology improves from Technology 1 to Technology 2, and the economy moves from R to S. Similarly, as capital deepens from C2 to C3, technology increases from Technology 2 to Technology 3, and the economy moves from S to T. With improvements in technology, there is no longer any reason that economic growth must necessarily slow down.

Back to OS 7.4