Session:19 Macroeconomic Policy Around the World
Key Terms
Principles of Macroeconomics 3e | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-macroeconomics-3e
- converging economy
- economy of a country that has demonstrated the ability to catch up to the technology leaders by investing in both physical and human capital
- East Asian Tigers
- the economies of Taiwan, Singapore, Hong Kong, and South Korea, which maintained high growth rates and rapid export-led industrialization between the early 1960s and 1990 allowing them to converge with the technological leaders in high-income countries
- growth consensus
- a series of studies that show, statistically, that 70% of the differences in income per person across the world is explained by differences in physical capital (savings/investment)
- high-income country
- nation with a per capita income of $12,475 or more; typically has high levels of human and physical capital
- low-income country
- a nation that has a per capita income of less than $1,025; a third of the world’s population
- middle-income country
- a nation with per capita income between $1,025 and $12, 475 and that has shown some ability, even if not always sustained, to catch up to the technology leaders in high-income countries