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Merge pull request #243 from QuantEcon/242-spell-check-all-the-lectures
242 spell check all the lectures
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lectures/about.md

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## Credits
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In building this lecture series, we had invaluable assistance from research
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assistants at QuantEcon, as well as our QuantEcon colleagues. Without their
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assistants at QuantEcon, as well as our QuantEcon colleagues. Without their
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help this series would not have been possible.
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In particular, we sincerely thank and give credit to

lectures/business_cycle.md

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Let's source our data from the World Bank and clean it.
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```{code-cell} ipython3
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# Use the series ID retrived before
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# Use the series ID retrieved before
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gdp_growth = wb.data.DataFrame('NY.GDP.MKTP.KD.ZG',
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['USA', 'ARG', 'GBR', 'GRC', 'JPN'],
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labels=True)
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---
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mystnb:
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figure:
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caption: "YoY real ouput change, US (%)"
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caption: "YoY real output change, US (%)"
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name: roc
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tags: [hide-input]
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---
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transform=ax.get_xaxis_transform(),
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label='NBER recession indicators')
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ax.set_ylim([ax.get_ylim()[0], ax.get_ylim()[1]])
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ax.set_ylabel('YoY real ouput change (%)')
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ax.set_ylabel('YoY real output change (%)')
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plt.show()
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```
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lectures/inequality.md

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The following code creates a list called ``Ginis``.
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It stores data of Gini coefficients generated from the dataframe ``df_income_wealth`` and method [gini_coefficient](https://quanteconpy.readthedocs.io/en/latest/tools/inequality.html#quantecon.inequality.gini_coefficient), from [QuantEcon](https://quantecon.org/quantecon-py/) library.
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It stores data of Gini coefficients generated from the dataframe ``df_income_wealth`` and method [gini_coefficient](https://quanteconpy.readthedocs.io/en/latest/tools/inequality.html#quantecon.inequality.gini_coefficient), from [QuantEcon](https://quantecon.org/quantecon-py/) library.
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```{code-cell} ipython3
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:tags: [hide_input]

lectures/long_run_growth.md

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## Overview
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Adam Tooze's account of the geopolitical precedents and antecedents of World War I includes a comparison of how Gross National Products of European Great Powers had evolved during the 70 years preceding 1914 (see chapter 1 of {cite}`Tooze_2014`).
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Adam Tooze's account of the geopolitical precedents and antecedents of World War I includes a comparison of how Gross National Products of European Great Powers had evolved during the 70 years preceding 1914 (see chapter 1 of {cite}`Tooze_2014`).
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We report a version of Tooze's graph later in this lecture.
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These graphs will portray how the "Industrial Revolution" began in Britain in the late 18th century, then migrated to one country after another.
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In a nutshell, this lecture records growth trajectories of various countries over long time periods.
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In a nutshell, this lecture records growth trajectories of various countries over long time periods.
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While some countries have experienced long term rapid growth across that has lasted a hundred years, others have not.
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groups of people
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- Most of the growth happened in the past 150 years after the industrial revolution.
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- Percapita GDP's in the UK and the US, on the one hand, and in China, on the other, diverged from 1820 to 1940.
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- The gap has closed rapidly after 1950 and especially after the late 1970s.
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- Percapita GDP's in the UK and the US, on the one hand, and in China, on the other, diverged from 1820 to 1940.
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- The gap has closed rapidly after 1950 and especially after the late 1970s.
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- These outcomes reflect complicated combinations of technological and economic-policy factors that students of economic growth try to understand and quantify
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It is fascinating to see China's GDP per capita levels from 1500 through to the 1970s.
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It is fascinating to see China's GDP per capita levels from 1500 through to the 1970s.
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Notice the long period of declining GDP per capital levels from the 1700s until the early 20th century.
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Thus, the graph indicates
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- A long economic downturn and stagnation after the Closed-door Policy by the Qing government
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- China's very different experience than the UK's after the onset of the industrial revolution in the UK
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- A long economic downturn and stagnation after the Closed-door Policy by the Qing government
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- China's very different experience than the UK's after the onset of the industrial revolution in the UK
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- How the Self-Strengthening Movement seemed mostly to help China to grow
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- How stunning have been the growth achievements of Modern Chinese economic policies by the PRC that culminated with its late 1970s Reform and Opening-up
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In the following graph, please watch for
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- impact of trade policy (Navigation Act)
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- productivity changes brought by the industrial revolution
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- how the US gradually approaches and then surpasses the UK, setting the stage for the ``American Century''
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- the often unanticipated consequenes of wars
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- interruptions and scars left by {ref}`business cycle<mc1_ex_1>` recessions and depressions
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- how the US gradually approaches and then surpasses the UK, setting the stage for the ``American Century''
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- the often unanticipated consequences of wars
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- interruptions and scars left by {ref}`business cycle<mc1_ex_1>` recessions and depressions
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```{code-cell} ipython3
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Now we'll construct some graphs of interest to geopolitical historians like Adam Tooze.
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We'll focus on total Gross Domestic Product (GDP) (as a proxy for ''national geopolitical-military power'') rather than focusing on GDP per capita (as a proxy for living standards).
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We'll focus on total Gross Domestic Product (GDP) (as a proxy for ''national geopolitical-military power'') rather than focusing on GDP per capita (as a proxy for living standards).
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```{code-cell} ipython3
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data = pd.read_excel("datasets/mpd2020.xlsx", sheet_name='Full data')
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gdp = data['gdp'].unstack('countrycode')
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```
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### Early industralization (1820 to 1940)
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### Early industrialization (1820 to 1940)
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We first visualize the trend of China, the Former Soviet Union, Japan, the UK and the US.
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mystnb:
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figure:
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caption: GDP in the early industralization era
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caption: GDP in the early industrialization era
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name: gdp1
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fig, ax = plt.subplots(dpi=300)

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