This table contains annual data from 1952 through 2019 for USA, Australia, China and India. For each country, the data set includes data for real GDP and each economy's population (in millions). Your task is to do the following:
(a)For each country, construct a column featuring the annual value of GDP per capita for each year starting in 1952 and ending in 2019.
(b)For each country, construct a column featuring the annual growth rate of GDP per capita for each year starting in 1953 and ending in 2019.
(c)For the USA, China and India, produce a separate plot consisting of the time-series of real GDP per capita growth rates along with a time-series plot for Australia's real GDP per capita growth rate. How do the time- series compare for Australia versus the USA, China and India?
(d) What is the Solow model's implication for the steady state growth rate of real GDP per capita when there is only population growth? Which if any of the time-series that you plotted suggests an economy in a steady state viewed through the lens of the Solow model with only population growth?
Be prepared to provide your answer to your tutorial group if called upon to do so.
year AUS Real GDP AUS Population US Real GDP US Population CHN Real GDP CHN Population IND Real GDP IND Population 1952 125367.6875 8.78242978103914 2773902.75 160.980891655843 557468.3125 579.577177525 329856.875 383.690479960103 1953 138968.328125 8.95089226554582 2904121.75 163.669146836508 630467.125 589.316980637 348906.40625 390.606681624042 1954 150078.1875 9.15914813475217 2887745.25 166.572975679979 586751.375 599.942908868 362016.65625 397.78295319783 1955 155997.84375 9.37445431278721 3093408 169.541178838466 641581.4375 612.053059730 370055.71875 405.217184022353 1956 156355.9062 9.60031860776142 3159364.75 172.577841095339 695460.25 624.568160905 380155.6875 412.914329558137 1957 159780.625 9.81450691288212 3225886 175.725868266759 718725.3125 638.770298507 380399.84375 420.887329063225 1958 170618.890625 10.0193320686617 3202169 178.686930849737 739635.3125 652.377170847 407360.9375 429.135081324165 1959 181070.375 10.2380660690729 3423191 181.699068815614 724461.0625 660.090621556 415425.03125 437.653487379781 1960 185281.28125 10.470018916696 3510944.75 184.601884258631 689786.875 656.369351681 447577.28125 446.439457714561 1961 187807.84375 10.710053214543 3600618.75 187.687579506719 558305.375 650.326190175 463627.1875 455.492931149978 1962 199598.484375 10.9082655738242 3820850.25 190.596522124791 591366.25 659.034130387 479086.375 464.909437952848 1963 213073.5 11.1169483548418 3987209.75 193.359363578897 677432.875 680.164507912 510559.40625 474.726358201956 1964 226548.46875 11.3360447002665 4217154.5 196.063957893041 771682.9375 702.172144379 548507.4375 485.18706006982 1965 231601.609375 11.559445820095 4491258 198.530465463516 857507.25 721.824579481 536750 496.126239181845 1966 245918.8125 11.7774079099851 4787384.5 200.83657512823 885350.75 742.360553733 534683.3125 507.312090106739 1967 258551.625 11.9968685277906 4918733.5 203.035404661769 889345.4375 761.947231357 577124.1875 518.801967711706 1968 277079.75 12.228672004464 5160197.5 205.072776116763 865986.375 782.962656436 606516.375 530.605201721812 1969 297292.28125 12.509311108557 5322265.5 207.086667862769 953460.25 805.647693442 674447.25 542.731213629909 1970 309082.875 12.793034 5332994.5 209.513341 1085341.125 827.601394 684888.8125 555.189792 1971 321175.8125 13.033133 5508630 211.384068 1182455.75 848.75971 696140.9375 567.868018 1972 329570.46875 13.244171 5798322.5 213.269802 1173581.875 869.485964 692289.25 581.087256 1973 343093.96875 13.431794 6125680 215.178797 1261324.375 889.485372 715103.8125 594.770134 1974 347725.40625 13.60557 6092568 217.114909 1299351.25 908.464198 723580.125 608.8026 1975 356723.5 13.773288 6080049.5 219.081251 1391712 926.240885 789787.125 623.102897 1976 369556.375 13.935731 6407651 221.086429 1349881.875 942.685411 802922.0625 637.630087 1977 372870.84375 14.092548 6703951.5 223.135663 1428767 957.891272 861172.1875 652.408776 1978 387947.84375 14.249401 7075035.5 225.223303 1594763.125 972.205442 910366.875 667.499806 1979 399719.125 14.413 7299041 227.339318 1719783.125 986.132202 862680.25 682.995354 1980 413060.8125 14.588405 7280300.5 229.476354 1804728.625 1000.089235 920788.8125 698.952844 1981 426809.28125 14.777243 7465054.5 231.636058 1861601.125 1014.022212 976093.25 715.384993 1982 417332.125 14.979205 7330469 233.821844 2031704.875 1027.948987 1010019.6875 732.239504 1983 436451.34375 15.194641 7666492.5 236.030238 2178264.75 1042.431412 1083638.875 749.428958 1984 459362.125 15.423166 8221287.5 238.256844 2414971 1058.171976 1125042 766.83341 1985 477909 15.663663 8564087 240.499825 2602347.25 1075.589361 1184155 784.360008 1986 490101.28125 15.917572 8860631 242.763148 2780601 1095.014109 1240717 801.975244 198 518249.65625 16.183168 9167170 245.052789 3008488 1116.095476 1289915.75 819.682102 1988 538260.1875 16.452255 9550089 247.372264 3142030 1137.724227 1414106.125 837.46893 1989 557481.5 16.713989 9900830 249.725805 3153668.75 1158.357397 1498207.75 855.334678 1990 555263.6875 16.960597 10087555 252.120309 3165272 1176.883674 1581110.375 873.277798 1991 557552.375 17.18924 10076635 254.53937 3300483.75 1192.897284 1597820.125 891.273209 1992 580021.25 17.402173 10431579 256.990613 3556377.75 1206.711244 1685419 909.307016 1993 603128.6875 17.603205 10718744 259.532129 3920962.75 1218.817055 1765489.375 927.40386 1994 626275.25 17.798529 11150584 262.241196 4256331 1230.020031 1883052 945.601831 1995 650565.875 17.993074 11449898 265.163745 4657186.5 1240.920535 2025683.75 963.9225881996 676370.8125 18.189277 11881846 268.335003 4990733 1251.636186 2178613 982.365243 1997 707326.1875 18.387214 12410257 271.713635 5274995 1261.996012 2266842.75 1000.90003 1998 743213.0625 18.587021 12966412 275.175301 5305999.5 1271.98235 2407034 1019.483581 1999 772444.6875 18.788186 13582736 278.54815 5573186 1281.514832 2619954.25 1038.058156 2000 787359.5 18.991431 14143361 281.710909 5962253 1290.550765 2720586.5 1056.575549 2001 818864.9375 19.194672 14284560 284.607993 6370915 1299.129752 2851826.75 1075.000085 2002 843315.6875 19.401368 14533353 287.279318 6969823 1307.352257 2960309.5 1093.317189 2003 877516 19.624166 14949183 289.815562 7496914 1315.303521 3193001.25 1111.523144 2004 905633.9375 19.879649 15517086 292.354658 8225812.5 1323.084641 3445980.75 1129.623456 2005 930942.25 20.17854 16062235 294.993511 9019761 1330.77638 3719020.5 1147.609927 2006 966729.75 20.526303 16520807 297.758969 9982318 1338.408647 4018801 1165.486291 2007 1002092.3125 20.916344 16830766 300.608429 10976751 1345.993888 4326674 1183.209472 2008 1021502.75 21.332282 16807780 303.486012 11616248 1353.569484 4460225.5 1200.669765 2009 1042621.5 21.750851 16381405 306.307567 12577917 1361.169419 4810883 1217.726215 2010 1068298.625 22.154679 16801388 309.011475 13947309 1368.810615 5219692 1234.28117 2011 1110156.375 22.538001 17061950 311.584047 14918415 1376.497639 5493272.5 1250.287943 2012 1138852.875 22.903948 17445766 314.043885 15416000 1384.206401 5793006 1265.780247 2013 1167701.25 23.254913 17767130 316.400538 16562428 1391.88333 6162954 1280.842125 2014 1193304.875 23.596424 18215924 318.673411 17711682 1399.453965 6619643.5 1295.600772 2015 1226367.125 23.932502 18776158 320.87831 18379366 1406.84787 7148966.5 1310.152403 2016 1254581 24.262712 19097498 323.015995 19132416 1414.049351 7739207 1324.517249 2017 1291582.25 24.58462 19542980 325.084756 19687162 1421.021791 8284343 1338.676785 2018 1319492.875 24.898152 20128580 327.096265 19841296 1427.647786 8791310 1352.64228 2019 1315734.25 25.203198 20563592 329.064917 20572606 1433.783686 9163052 1366.417754
