(1) Economic growth is one theme that runs through U.S. economic history. Studying history can provide a new perspective on recent patterns of growth and on the potential for economic growth in the 21st century.
To study growth, we can use the equation Y = A F(Kp, Kg, Kh, L, T). This equation can be transformed to one in which output per capita (Y/P) is a function of a number of factors.
Choose two different factors of growth. For each factor, describe its significance in fueling economic growth in a particular time period . The two time periods (one for each factor) must not be in the same century. Provide specific historical examples.
Conclude your essay by explaining how these examples from history can provide a new perspective on the potential for economic growth in the 21st century.
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