Greece: Long Run Aggregate Supply Curve Shift

GDP per hour worked (2009 - 2019) (OECD)

2009$39
2010$39
2011$36.30
2012$34.80
2013$34
2014$33.70
2015$34.40
2016$33.10
2017$33.50
2018$33.60
2019$33.90

  • GDP per hour lowers which means that the curve shifts to the left because there is a decrease in workers therefore a decrease in productivity

Birth rate (World Bank)

20081.50%
20091.50%
20101.48%
20111.40%
20121.34%
20131.29%
20141.30%
20151.33%
20161.38%
20171.35%
20181.35%

  • decrease in birth rate for a bit then in 2014 it increases a little
  • decrease in quantity which would shift the curve to the left because there is less population to supply
Education (OECD)
  • Greece has the highest enrollment rates in bachelor’s programs within the countries studied by the OECD
    • among 18-24 year olds
  • Between 2008-2018 there was an increase in college education among 25-35 year olds
    • 28% - 43%
  • Observations
    • This means that the increase in higher education which shifts it to the right
    • This is because more educated workers will be more efficient and productive and also be paid more
    • Increase in employment
    • This is an increase in productivity

 Other observations 

  • GDP per hour worked decreases while education increases
    • Population maybe
      • In 2010 the population was 10,887, 637
      • In 2020 the population was 10, 423, 054
      • Within 10 years they lost 464,583 people. 
        • could be from death but also people leaving

Comments

  1. Emory YingMay 3, 2021 at 7:01 AM

    I accidentally reverted to draft then had to republish but I did turn it in before 845. I originally turned it in last week

    ReplyDelete

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