MIDDLE EAST AND NORTH AFRICA Share how your country is doing ? X KUWAIT Score Score changes 2012 - 2023 46/100 What does the CPI score mean? 51 Rank Score change 48 45 63/180 1 +4 since 2022 42 39 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023MIDDLE EAST AND NORTH AFRICA Share how your country is doing Of X UNITED ARAB EMIRATES Score Score changes 2012 - 2023 68/100 What does the CPI score mean? 74 Rank Score change 72 70 26/180 since 2022 68 66 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023MIDDLE EAST AND NORTH AFRICA Share how your country is doing X SAUDI ARABIA Score Score changes 2012 - 2023 52/100 What does the CPI score mean? 54 Rank Score change 51 48 53/180 1 +1 since 2022 45 42 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023MIDDLE EAST AND NORTH AFRICA Share how your country is doing O 0 9 @ Score Score changes 2012 - 2023 23/100 What does the CPI score mean? 24 Rank Score change 22 20 . 154/180 0 since 2022 e . o o 16 @ 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Score Score changes 2012 - 2023 84/100 What does the CPI score mean? 88 Rank Score change . 86 @ 4/180 0 since 2022 g . . 84 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 AMERICAS Share how your country is doing Of 9 X VENEZUELA Score Score changes 2012 - 2023 13/100 What does the CPI score mean? 20 Rank Score change 18 16 177/180 -1 since 2022 14 12 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023MIDDLE EAST AND NORTH AFRICA Share how your country is doing Q o 9 @ Score Score changes 2012 - 2023 43/100 What does the CPI score mean? 54 - Rank Score change > ) 48 . o 70/180 0 -1 since 2022 45 - > = 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Score Score changes 2012 - 2023 24/100 What does the CPI score mean? 32 Rank Score change 30 . 28 149/180 O 1 since 2022 26 ) ' o @ @ . 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 AMERICAS Share how your country is doing 7 9 X TRINIDAD AND TOBAGO Score Score changes 2012 - 2023 42/100 What does the CPI score mean? 42 Rank Score change 40 38 76/180 0 since 2022 36 34 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023SUB-SAHARAN AFRICA Share how your country is doing + 9 X GABON Score Score changes 2012 - 2023 28/100 What does the CPI score mean? 39 Rank Score change 36 33 136/180 -1 since 2022 30 27 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023INCOME LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 100 90 O O 80 70 O 60 O O O Literacy rate, adults V 50 C O 40 O 30 20 10 Price and inflation adjusted, in PPP$2017 500 1000 2000 4000 8000 16k 32k 64k 128k GDP per capita V ?INCOME LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 14 men 25 years and older O 12 O QO O C () O 10 O C O O O 8 Mean years in school ? O o O 6 4 O O 2 Price and inflation adjusted, in PPP$2017 500 1000 2000 4000 8000 16k 32k 64k 128k GDP per capita V (?INCOME LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 women 25 years and older O O O C O O OC C O O O O O O Mean years in school O OO O O O Price and inflation adjusted, in PPP$2017 500 1000 2000 4000 8000 16k 32k 64k 128k GDP per capita V ?INCOME LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 - 8th grade 600 550 500 O O 450 Math achievement V 400 O O 350 O O 300 Price and inflation adjusted, in PPP$2017 500 1000 2000 4000 8000 16k 32 k 64k 128k GDP per capita V ?Per capita real gross domestic product of California from 2000 to 2019 (in chained 2012 U.S. dollars) DOWNLOAD 75,000 PDF + XLS + PNG + PPT + 70,662 70,000 68,970 66,331 65,000 63,853 Source 62,403 - Show sources information 59,915 - Show publisher information Per capita real GDP in chained 2012 U.S. dollars 60,000 57,527 57,675 58,046 - Use Ask Statista Research Service 55,547 55,571 Release date 54,827 53,474 April 2020 55,000 51,780 Region 50,310 50,002 United States 50,000 Survey time period 2000 to 2019 45,000 Citation formats 2000 001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 201 2014 015 2016 2017 2018 2019 - View optionsGross Domestic Product Per Capita for France (PCAGDPFRA646NWDB) DOWNLOAD Observation: Units: Frequency: 1Y | 5Y | 10Y | Max 2022: 40,886.25327 Current U.S. Dollars, Annual EDIT GRAPH (+ more) Not Seasonally Adjusted 1960-01-01 to 2022-01-01 Updated: Dec 19, 2023 FRED. ~ - Gross Domestic Product Per Capita for France VIEW MAP 50,000 40,000 30,000 Current U.S. Dollars 20,000 10,000 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 1970 1980Ultimate Cause of Economic Growth: Institutions Geography? History? Ideas? Culture? Luck? 3 2 Institutions include laws and regulations but i o also customs, practices, organizations, and e social moresinstitutions are the \"rules of 1 the game\" that shape human interaction and T structure economic incentives within a society. Factors of production l Physical capital Human capital Technical knowledge * They encompass property rights, honest government, political stability, a reliable legal system, competitive and open market Immediate causes GDP per capita FIGURE 7.5 Understanding the Wealth of Nations 1. [5 Participation points] Suppose you inherit $10,000 this year and you invest it so that it grows at an average 7% every year. Consider the rule of 70. How long will it take until your investment is worth $20,000, $40,000, and $160,000? (Note: Since World War Il investments in stocks have grown at an average inflation-adjusted rate of 7%). What if instead the growth rate is 2% per year? 2. [5 participation points] During the Great Leap Forward, millions of Chinese starved to death because not enough food was produced by farmers. Why didn't farmers grow food? Was it because there wasn't enough human capital or physical capital? Explain why this policy lead to this outcome and why this example illustrates the importance of institutions for economic growth. 3. [5 participation points] Explain in your own words the causal chain of economic growth depicted in the diagram of slide 19 in the handout of section 3.1. 4. [5 participation points] Economists use the term "human capital" to refer to education and job skills. How is education like a piece of capital? 5. [5 participation points] Economists often refer to the "natural resource curse" by which they mean that large amounts of natural resource tend to create bad politics because as long as oil keeps flowing or diamonds remain plentiful politicians don't need to worry too much about what else goes on in the economy. Which one of the three factors of production do you think is the most important for a leader of a resource-rich country? Which one of the 5 key institutions do you think matters the most to promote economic growth in a resource-rich country? 1. [5 participation points] Real GDP per capita: Using the FRED economic data website Canada. Because France's GDP is in euros and Canada's in canadian dollars, we need to convert the currencies. In addition, we would like to compare the three GDPs for a similar basket of goods. Comparisons like these are called purchasing power parity (PPP) comparisons. After you have found the real GDP of California, click Edit Graph, then click Add Line and find the real GDP for France by typing "Expenditure-side real GDP at Chained PPP France. Then click add line again and add Canada's real GDP with a similar search prompt. What are the real GDP in 2019 of California, France and Canada (measured in 2017 USD)? What does this suggest about the role if the U.S. economy in the World? Now search, using Google, search for the populations of the these regions in 2019 and provide their real GDP per capita. 2. [10 participation points] Some people think that natural resources like minerals or oil are the way to prosperity. But natural resources have been left out completely from my lectures on economic growth. Is this a mistake? The left column of the Table below shows the 10 countries with the highest amounts of hydrocarbons (oil, natural gas, etc.) per person in rank. Use the CIA World Factboook to fill out the next column with the GDP per capita of these countries relative to the U.S. (in percentage) in any year of your choice. How many countries have a GDP per capita that is larger than the U.S.? How many have less than 50% of the U.S.? The second right-most column lists the 10 richest countries in terms of GDP per capita. There is only one country that also makes that list, which one is it? What do you think is special about out the column with the Corruption Index ranking of the Hydrocarbon rich countries and GDP per capita rich countries. Do you think that there might be a strong relation between being rich in hydrocarbons and having more corrupt governments? Why do you think that is? GDP per Hydrocarbon Corruption GDP per Corruption capita (relative Rich Index Ranking capita Rich Index Ranking to U.S.) Kuwait Luxembourg United Arab 2 U.S. Emirates 3 Saudi Arabia Singapore 4 Iraq Hong Kong 5 Norway Norway 6 Venezuela Australia 7 Oman Sweden 8 Iran Canada Trinidad and 9 Denmark Tobago 10 Gabon Japan 3. [10 participation points] The diagram with the causal chain of economic growth in slide 19 of the handout of section 3.1. identifies human capital as one of the immediate causes of economic growth. Go to Gapminder.com to explore this relation. Clock on the "Resources" tab, then scroll down, and click on "Tools". Wait a moment for the first graph to load. Then click on the axis and explore the variables[ urmadan JSwedaern 8 Iran Canada Trinidad and 9 Denmark Tobago 10 Gabon Japan 3. [10 participation points] The diagram with the causal chain of economic growth in slide 19 of the handout of section 3.1. identifies human capital as one of the immediate causes of economic growth. Go to Gapminder.com to explore this relation. Clock on the "Resources" tab, then scroll down, and click on "Tools". Wait a moment for the first graph to load. Then click on the axis and explore the variables available for choosing. For this problem, click on the vertical axis (keep GDP per capita on the horizontal axis) choose "Education\" and "Literacy Rate, Adult". a) What is the relation between GDP per capita and education? b) Now change the vertical axes to "Mean number of Years in School" for mean older than 25 and then create a second graph for women older than 25. How does this information change what you think about the value of education? ) Finally, select "Achievement/Math Achievement 8th grade". Is this also positively related with GDP per capita