ECON 1012 Week 5
ECON 1012 Week 5 ECON 1012
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This 1 page Class Notes was uploaded by Jaimee Kidd on Monday October 3, 2016. The Class Notes belongs to ECON 1012 at George Washington University taught by Roberto M. Samaniego in Fall 2016. Since its upload, it has received 2 views. For similar materials see Principles of Economics II (ECON 1012) in Economics at George Washington University.
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Date Created: 10/03/16
Econ 1012 Week 5 Economic Growth Neoclassical Growth (technical progress drives growth) New Growth Theory (where technical progress comes from) o “Creative Destruction” Profits: do we need something like patents to ensure innovation? Knowledge specific kind of good called nonrival, if I have knowledge you can also Markets are efficient… o Provided that there are no externalities Could be positive or negative Ex. Cigarettes affect the people around them (some people lie the smell so it is positive, some people get sick which is negative) ______________________________________________________________________________ Fiat Money Money whose value is not connected to what it’s made of Money Means of exchange/means of payment M1 = Currency + checkable accounts M2 = Currency +Checkable Accounts + Savings Accounts + Time Deposits < 6 Months Liquidity The ease with which something can be converted into money
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