This week, we want to examine in greater detail the factors that contribute to economic growth. Economic growth is measured by growth in Real GDP, but many factors contribute to that.
Among the generally recognized factors that contribute to economic growth are:
Increases in the amount of physical capital: this can be measured by changes in investment spending (software is included in this category);
Advances in technology: this can be approximated by research and development spending;
increases in human capital: this can be approximated by years of education; however, this is a very unreliable measure as educational quality is highly variable; and
Other factors, such as the size of the labor force, also come into play and can be measured rather easily. However, to be meaningful, there has to be a match between the skills possessed by the labor force and the needs of the economy. Thus, the mere size of labor has to be viewed with the human capital variable in mind.
Government regulations, tax policy, immigration policy, interest rates all play a role in investment and thus, economic growth.
For this week’s discussion, gather information on growth in Real GDP and as many other variables as possible on a country of your choice. Report the data and your analysis to the class. Remember that understanding and interpreting the data is more important than just reporting the data.
Different MLA citation editions
The Modern Language Association (MLA) citation style has undergone several updates since its first publication in 1985. The most recent edition is the 8th edition, published in 2016. The following is a brief overview of the different editions of MLA citation:
MLA 1st Edition (1985) – The first edition of MLA citation style provided basic guidelines for referencing various types of sources, including books, articles, and electronic resources.
MLA 2nd Edition (1988) – The second edition introduced changes to the format for citing electronic resources, as well as minor updates to the way sources were listed in works cited pages.
MLA 3rd Edition (1998) – The third edition provided further guidelines for citing electronic sources, and added new sections on evaluating sources and conducting research.
MLA 4th Edition (2000) – The fourth edition made minor revisions to the citation format for various types of sources, including websites and databases.
MLA 5th Edition (1999) – The fifth edition provided updated guidelines for citing sources in a more digital age, including how to cite sources from the Internet and how to reference multimedia sources.
MLA 6th Edition (2003) – The sixth edition made significant changes to the citation format, including the use of hanging indents for entries in the works cited page, and a shift towards a more parenthetical citation format within the text of a paper.
MLA 7th Edition (2009) – The seventh edition made further updates to the citation format, including changes to the way sources are listed on works cited pages, and the introduction of guidelines for citing new forms of digital media, such as social media.
Example of MLA 8th edition citation: Book:
Author’s Last Name, First Name. Title of Book. Place of Publication: Publisher, Year of Publication.
Smith, John. The History of the World. New York: Random House, 2022.
Author’s Last Name, First Name. “Title of Article.” Title of Journal volume number (Year of Publication): page numbers.
Jones, Sarah. “The Impact of Technology on Society.” Journal of Social Sciences 5 (2021): 100-110.
Author’s Last Name, First Name. “Title of Webpage.” Website Name, Publisher, Publication Date, URL.
Brown, Michael. “The Future of Virtual Reality.” Tech Review, MIT, 2023, https://techreview.com/future-of-vr.
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