Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is calculated in real terms - i.e. inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product, it has all the advantages and drawbacks of that measure; the economic growth rates of nations are compared using the ratio of the GDP to population or per-capita income. The "rate of economic growth" refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time; this growth rate is the trend in the average level of GDP over the period, which ignores the fluctuations in the GDP around this trend. An increase in economic growth caused by more efficient use of inputs is referred to as intensive growth.
GDP growth caused only by increases in the amount of inputs available for use is called extensive growth. Development of new goods and services creates economic growth; the economic growth rate is calculated from data on GDP estimated by countries' statistical agencies. The rate of growth of GDP per capita is calculated from data on GDP and people for the initial and final periods included in the analysis of the analyst. Living standards vary from country to country, furthermore the change in living standards over time varies from country to country. Below is a table which shows GDP per person and annualized per person GDP growth for a selection of countries over a period of about 100 years; the GDP per person data are adjusted for inflation, hence they are "real". GDP per person is the GDP of the entire country divided by the number of people in the country. Small differences in yearly GDP growth lead to large changes in GDP when compounded over time. For instance, in the above table, GDP per person in the United Kingdom in the year 1870 was $4,808.
At the same time in the United States, GDP per person was $4,007, lower than the UK by about 20%. However, in 2008 the positions were reversed: GDP per person was $36,130 in the United Kingdom and $46,970 in the United States, i.e. GDP per person in the US was 30% more than it was in the UK; as the above table shows, this means that GDP per person grew, on average, by 1.80% per year in the US and by 1.47% in the UK. Thus, a difference in GDP growth by only a few tenths of a percent per year results in large differences in outcomes when the growth is persistent over a generation; this and other observations have led some economists to view GDP growth as the most important part of the field of macroeconomics:...if we can learn about government policy options that have small effects on long-term growth rates, we can contribute much more to improvements in standards of living than has been provided by the entire history of macroeconomic analysis of countercyclical policy and fine-tuning. Economic growth the part of macroeconomics that matters.
It has been observed. The relation between GDP growth and GDP across the countries at particular point of time is convex. Growth increases with GDP, reaches its maximum and begins to decline. There exists some extremum value; this is not middle income trap. It is observed for developing economies. Countries having this property belong to conventional growth domain. However, the extremum could be extended by technological and policy innovations and some countries move into innovative growth domain with higher limiting values. In national income accounting, per capita output can be calculated using the following factors: output per unit of labor input, hours worked, the percentage of the working age population working and the proportion of the working-age population to the total population. "The rate of change of GDP/population is the sum of the rates of change of these four variables plus their cross products."Economists distinguish between short-run economic changes in production and long-run economic growth.
Short-run variation in economic growth is termed the business cycle. Economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand. In contrast, economic growth is concerned with the long-run trend in production due to structural causes such as technological growth and factor accumulation. Increases in labor productivity have been the most important source of real per capita economic growth. "In a famous estimate, MIT Professor Robert Solow concluded that technological progress has accounted for 80 percent of the long-term rise in U. S. per capita income, with increased investment in capital explaining only the remaining 20 percent."Increases in productivity lower the real cost of goods. Over the 20th century the real price of many goods fell by over 90%. Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity and creation of new goods arising from technological innovation. Further division of labour is fundamental to rising productivity.
Before industrialization technological progress resulted in an increase in the population, kept in check by food supply and
Rock Hall, "The Pearl of the Chesapeake", is a waterfront town located directly on the National Chesapeake Scenic Byway in Kent County, United States. It is located less than two hours away from large metropolitan areas such as Philadelphia and Washington, D. C; the population was 1,310 at the 2010 census. Called Rock Hall Crossroads, the city is now a quaint fishing and recreational boating town situated picturesquely on the upper Eastern Shore of the Chesapeake Bay, it is the center of Kent County's maritime industries and is a popular destination for art, music and wildlife enthusiasts. Before the establishment in 1707, the Chesapeake Bay and its tributaries have shaped the economic and cultural development of the Town. In the early years, the Bay served as a commercial link to other populated areas on the western shore, such as Baltimore and Virginia, as well as northern areas such as Philadelphia and New York; the city was named for a mansion made of white sandstone, was incorporated in 1908.
Rock Hall served as a shipping point for tobacco and other agricultural products, as well as a passenger transport connection for travelers during the Colonial era. Famous Americans, such as George Washington, James Madison and others have passed through Rock Hall numerous times traversing between Virginia and their northbound destinations. Fishing and seafood processing became the Town's largest industry, providing an economic base for commerce and town community life. Maryland blue crabs, striped bass, more, although less plentiful today, have comprised the bountiful seasonal harvests of the Upper Chesapeake Bay; the town just missed out on receiving a railroad connection in 1872, when the Kent County Railroad set out to build from Massey via Chestertown and connect with a ferry to Baltimore for both passengers and freight. The company went bankrupt in 1877, having only built a stub from Chestertown to a place called Belair or Parsons and abandoning the rest unfinished. Rock Hall Harbor continues to be a working harbor with an active fleet of commercial watermen who leave the dock each day.
Rock Hall has three museums including a Waterman's museum. This is presently located in the Town Hall with many artifacts to preserve the heritage of the iconic way of life associated with the Chesapeake Bay waterman. In recent years, recreational interests and tourism have emerged as a strong economic transformation with Rock Hall serving as one of the larger charter boat fishing and sailing centers on the Eastern Shore. Hinchingham and Trumpington are listed on the National Register of Historic Places. According to the United States Census Bureau, the town has a total area of 1.55 square miles, of which 1.34 square miles is land and 0.21 square miles is water. As of the census of 2010, there were 1,310 people, 630 households, 374 families residing in the town; the population density was 977.6 inhabitants per square mile. There were 930 housing units at an average density of 694.0 per square mile. The racial makeup of the town was 92.0% White, 5.8% African American, 0.2% Asian, 0.1% from other races, 1.9% from two or more races.
Hispanic or Latino of any race were 1.5% of the population. There were 630 households of which 19.2% had children under the age of 18 living with them, 43.5% were married couples living together, 11.4% had a female householder with no husband present, 4.4% had a male householder with no wife present, 40.6% were non-families. 35.9% of all households were made up of individuals and 19.7% had someone living alone, 65 years of age or older. The average household size was 2.05 and the average family size was 2.57. The median age in the town was 54.3 years. 15.2% of residents were under the age of 18. The gender makeup of the town was 52.8 % female. As of the census of 2000, there were 1,396 people, 654 households, 408 families residing in the town; the population density was 1,050.3 people per square mile. There were 834 housing units at an average density of 627.5 per square mile. The racial makeup of the town was 92.91% White, 5.52% African American, 0.07% Native American, 0.14% Asian, 0.07% Pacific Islander, 0.14% from other races, 1.15% from two or more races.
Hispanic or Latino of any race were 0.86% of the population. There were 654 households out of which 23.1% had children under the age of 18 living with them, 47.6% were married couples living together, 11.9% had a female householder with no husband present, 37.5% were non-families. 32.4% of all households were made up of individuals and 19.7% had someone living alone, 65 years of age or older. The average household size was 2.13 and the average family size was 2.67. In the town, the population was spread out with 19.8% under the age of 18, 5.5% from 18 to 24, 21.3% from 25 to 44, 29.5% from 45 to 64, 23.9% who were 65 years of age or older. The median age was 47 years. For every 100 females, there were 87.1 males. For every 100 females age 18 and over, there were 84.2 males. The median income for a household in the town was $32,833, the median income for a family was $38,672. Males had a median income of $29,375 versus $21,429 for females; the per capita income for the town was $20,521. About 10.5% of families and 13.2% of the population were below the poverty line, including 22.4% of those under age 18 and 10.0% of those age 65 or over.
A variety of retail shops are located on Main Street. Oyster collection and fishing contribute to the economy as do charter boats for fishing trips. Tourism is a source of income over the
Herschel Harrison Hatch was a politician from the U. S. state of Michigan. Hatch was born in New York, where he attended the common schools, he graduated from Hamilton College Law School in Clinton, New York, in 1857. He was admitted to the bar and practiced in Morrisville, 1858-1863. Hatch moved to Bay City, where he was elected alderman of Bay City at its first organization in 1865, he was judge of probate of Bay County, 1868–1872, a member of the constitutional commission of Michigan in 1873, a member of the tax commission in 1881. He was a descendant of John Lothropp was an English Anglican clergyman, who became a Congregationalist minister and emigrant to New England, he was the founder of Massachusetts. His cousin, Jethro A. Hatch, was the first physician in Kentland, Indiana and a Member of the U. S. House of Representatives from Indiana's 10th congressional district. Hatch was elected as a Republican to the 48th United States Congress, becoming the first to represent Michigan's 10th congressional district, served from March 4, 1883 to March 4, 1885 in the U.
S. House. Hatch resumed the practice of law. Herschel H. Hatch practiced law until 1910, when he retired. After ten years of retirement, he died in Detroit at the age of eighty-seven and is interred in Elm Lawn Cemetery of Bay City. United States Congress. "Herschel H. Hatch". Biographical Directory of the United States Congress. Herschel H. Hatch at The Political Graveyard Herschel H. Hatch at Find a Grave