What is potential real GDP? Does potential real GDP remain constant over time? Briefly discuss…

What is potential real GDP? Does potential real GDP remain constant over time? Briefly discuss whether you would rather live in the United States of 1900 with an income of $1,000,000 per year or the United States of 2012 with an income of $50,000 per year. Assume that the incomes for both years are measured in 2012 dollars.