ofEconomicGrowth(宏观经济学-加州大学-詹姆斯·.pptx
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1、CHAPTER 4The Theory of Economic Growth1Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Questions What are the principal determinants of long-run economic growth? What equilibrium condition is useful in analyzing long-run growth? How quickly does an economy head for its steady-s
2、tate growth path?2Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Questions What effect does faster population growth have on long-run growth? What effect does a higher savings rate have on long-run growth?3Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.L
3、ong-Run EconomicGrowth. is the most important aspect of how the economy performs can be accelerated by good economic policies can be retarded by bad economic policies4Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Long-Run Economic Growth Policies and initial conditions affect
4、 growth through two channelstheir impact on the level of technology multiplies the efficiency of labortheir impact on the capital intensity of the economy the stock of machines, equipment, and buildings that the average worker has at his or her disposal5Copyright 2002 by The McGraw-Hill Companies, I
5、nc. All rights reserved.Technology leads to a higher efficiency of laborskills and education of the labor forceability of the labor force to handle modern machinesthe efficiency with which the economys businesses and markets function Economists are good at analyzing the consequences of better techno
6、logyhave less to say about the sources 6Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Capital Intensity There is a direct relationship between capital-intensity and productivity Two principal determinantsinvestment effort the share of total production saved and invested in or
7、der to increase the capital stockinvestment requirements how much of new investment is used to equip new workers with the standard level of capital or to replace worn-out or obsolete capital7Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Standard Growth Model Also called the S
8、olow model Steady-state balanced-growth equilibriumthe capital intensity of the economy is stablethe economys capital stock and level of real GDP are growing at the same ratethe economys capital-output ratio is constant8Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Standard G
9、rowth Model First component is the production functiontells us how the productive resources of the economy can be used to produce and determine the level of outputEF(K/L),(Y/L) Cobb-Douglas production function-1(E)(K/L)(Y/L)9Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Stand
10、ard Growth Model Parameters of the modelE is the efficiency of labor a higher level of E means that more output per worker can be produced for each possible value of the capital stock per worker measures how fast diminishing marginal returns to investment set in-1(E)(K/L)(Y/L)10Copyright 2002 by The
11、 McGraw-Hill Companies, Inc. All rights reserved.Standard Growth Model 01a level of near zero means that the extra amount of output made possible by each additional unit of capital declines very quickly as the capital stock increases-1(E)(K/L)(Y/L)11Copyright 2002 by The McGraw-Hill Companies, Inc.
12、All rights reserved.Figure 4.1 - The Cobb-Douglas Production Function for Parameter Near Zero12Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Standard Growth Model 0s/(n+g+)the capital-output ratio will be shrinking If ts/(n+g+)the capital-output ratio will be growing41Copyrig
13、ht 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Figure 4.12 - Growth of the Capital-Output Ratio as a Function of the Level of the Capital-Output Ratio42Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Steady-State Growth Equilibrium If t=s/(n+g+)the growth rate o
14、f the capital-output ratio will be zerothe capital-output ratio will be stable (neither shrinking nor growing) *=s/(n+g+) is the equilibrium level of the capital-output ratio)g(ns/)(1)g(tt43Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Figure 4.13 - Convergence of the Capital
15、-Output Ratio to Its Steady-State Value44Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Steady-State Growth Equilibrium When the capital-output ratio (t) is at its steady state value (*)output per worker g(yt) is growing at proportional rate gcapital stock per worker is growin
16、g at the same proportional rate gthe economy wide capital stock is growing at the proportional rate n+greal GDP is also growing at proportional rate n+g45Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved.Steady-State Growth Path When the capital-output ratio is at its equilibrium
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