Present and explain the aggregate production function that can be used to discuss issues of growth in contemporary and historical contexts

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.

(A) Present and explain the aggregate production function that can be used to discuss issues of growth in contemporary and historical contexts. Show the relationship between output per capita (Y/P) and the determining factors. Based on the equation, what are the theoretical sources of growth?

(B) Choose three examples of events that contributed to economic growth. There are three time periods: pre-1860, 1860-1930, and 1930-2000. Choose your examples in such a way that each example addresses one of the three time periods.

For each example, describe the change. What changed? Why? How? Did the government play a role? Using the equations in part (A), explain how the change you describe contributed to economic growth. The more specific and complete your example, the more coherent your writing, and the more appropriate your example to a discussion of American economic growth, the better your grade.

(C) As we enter the 21st century, are the sources of economic growth fundamentally different than in the past? Is the potential for growth fundamentally different? Defend your answers.