Economic Output, Growth, Labor Markets, and Technological Change

1. Measuring US Output.  Mayer describe the importance of GDP as a measure of our economic well-being.  Explain what is included in GDP. Mayer also notes that this measure omits some things that are important in describing how well-off we are.  Provide examples of things that you think are important to you or to society, but which are omitted from the GDP measure.  Why do you think they are omitted? 

2. In Chapter 19, Mayer describes four factors that lead to economic growth.  Explain each of them.  Thinking about a production possibility frontier (see Reffonomics), with all final goods on one axis and all final services on the other axis (our GDP), explain why we might be inside the frontier?  In contrast, how can we go beyond the frontier?

3. What are the three types of unemployment that Mayer describes? What is U6?  Why is duration of unemployment important (listen to Atlanta FED video)?

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