No abstract

What has been the long term performance? What measures do we use? Income, real income, real income per capita See chart Ca-c in HSUS International comparisons Ups and downs-business cycles and long swings, booms and busts Interjection: Why we must have the super rich for growth-see Hayek, the Constitution of Liberty (not on reserve or on reading list) if you want more on this. Ties back to main theme on the importance of technological change. Sources of growth: More of the same old physical capital? Not really-do the math. More inputs per person? Not really in the modern era Labor inputs Participation rate Hours worked per worker