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1、EconomicGrowthbyPaulM.RomerCompoundRatesofpercentperyear.Atthisrate,incomedoubleseverytwelveyears.GrowthThesedifferencesindoublingtimeshavehugeeffectsforanation,justastheydoforourInthemodernversionofanoldlegend,anbanker.Inthesameforty-yeartimespanthatit
2、investmentbankeraskstobepaidbyplacingonewouldtaketheIndianeconomytodoubleatitspennyonthefirstsquareofachessboard,twoslowergrowthrate,incomewoulddoublethreepenniesonthesecondsquare,fouronthethird,times—toeighttimesitsinitiallevel—atChina’setc.Ifthebanker
3、hadaskedthatonlythewhitefastergrowthrate.squaresbeused,theinitialpennywouldhavedoubledinvaluethirty-onetimes,leaving$21.5From1950to2000,growthinincomepercapitamilliononthelastsquare.UsingboththeblackintheUnitedStateslaybetweenthesetwoandthewhitesquaresw
4、ouldhavemadetheextremes,averaging2.3percentperyear.Frompennygrowto$92millionbillion.1950to1975,India,whichstartedatalevelofincomepercapitathatwaslessthan7percentofPeoplearereasonablygoodatformingestimatesthatintheUnitedStates,wasfallingevenfartherbasedo
5、naddition,butforoperationssuchasbehind.Between1975and2000,China,whichcompoundingthatdependonrepeatedstartedatanevenlowerlevel,wascatchingup.multiplication,wesystematicallyunderestimatehowquicklythingsgrow.Asaresult,weoftenChinagrewsoquicklypartlybecause
6、itstartedlosesightofhowimportanttheaveragerateofsofarbehind.Rapidgrowthcouldbeachievedingrowthisforaneconomy.Foraninvestmentlargepartbylettingfirmsbringinideasaboutbanker,thechoicebetweenapaymentthathowtocreatevaluethatwerealreadyinuseindoubleswithevery
7、squareonthechessboardandtherestoftheworld.TheinterestingquestionisonethatdoubleswitheveryothersquareismorewhyIndiacouldnotmanagethesametrick,atimportantthananyotherpartofthecontract.leastbetween1950and1975.Whocareswhetherthepaymentisinpennies,pounds,orp
8、esos?Foranation,thechoicesthatdeterminewhetherincomedoubleswitheveryGrowthandRecipesgeneration,orinsteadwitheveryothergeneration,dwarfallothereconomicpolicyconcerns.Economicgrowthoccurswheneverpeopletakeresourcesandrearrangethemi
