宏观经济学课件Chapter-04.ppt
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1、4-14-2Chapter 4Growth and Policy Item Item Item Etc.McGraw-Hill/IrwinMacroeconomics,10e 2008 The McGraw-Hill Companies,Inc.,All Rights Reserved.4-3IntroductionChapter 3 explained how GDP and GDP growth are determined by the savings rate,rate of population growth,and the rate of technological progres
2、sThe question analyzed in this chapter is“How do societys choices affect these parameters?”In many developed countries,invention and advances in technology are the key determinants of growthTechnological advances are much less important for poor countries more important to invest in human and physic
3、al capital and borrow technological advances from othersEndogenous growth theory(Romer,Lucas)explains how societys choices lead to technological progress and growth4-4Trouble With Neoclassical Growth TheoryBy the late 1980s there was great dissatisfaction with neoclassical growth theory since:1.It d
4、oes not explain the economic determinants of technological progress2.It predicts that economic growth and savings rates are uncorrelated in the steady stateEndogenous growth theory emphasizes different growth opportunities in physical and knowledge capitalDiminishing marginal returns to physical cap
5、ital,but perhaps not knowledge capitalThe idea that increased investment in human capital increases growth is key to linking higher savings rates to higher equilibrium growth rates4-5Mechanics of Endogenous GrowthNeed to modify the production function to allow for self-sustaining,endogenous growthFi
6、gure 4-1(a)shows the Solow growth diagram,with the steady state at point C where savings equals required investmentIf savings above required investment,economy is growing as more capital is added process continues until savings equals required investment(reach the steady state)Insert Figure 4-1(a)an
7、d(b)here4-6Mechanics of Endogenous GrowthNeed to modify the production function to allow for self-sustaining,endogenous growthFigure 4-1(a)shows the Solow growth diagram,with the steady state at point C where savings equals required investmentDue to the diminishing MPK,the production function and sa
8、vings function flatten out and cross the upward sloping required investment line onceInsert Figure 4-1(a)and(b)here,again4-7Mechanics of Endogenous GrowthNeed to modify the production function to allow for self-sustaining,endogenous growthEconomy illustrated in Figure 4-1(b)is described by a product
9、ion function with a constant MPK:Y=aK(1)K is the only factor,a is the MPKProduction function and savings curve become straight lines,and are always greater than required investment the higher the savings rate,the bigger the gap between savings and required investment=faster the growthInsert Figure 4
10、-1(a)and(b)here,again4-8Mechanics of Endogenous GrowthIf the savings rate,s,is constant and there is neither population growth nor depreciation of capital,then the change in the capital stock is defined as:(2)Growth rate of capital is proportional to the savings rateOutput is proportional to capital
11、,thus the growth rate of output is (3)The higher s,the higher the growth rate of output saKKORsaKsYKsaYY4-9Deeper Economics of Endogenous GrowthEliminating diminishing marginal returns to capital runs against prevailing microeconomic principlesIf there are constant returns to capital alone,there wil
12、l be increasing returns to scale to all factors taken together larger and larger firms become increasingly efficient,and should see a single firm dominate the entire economyNot realistic,so need to eliminate the possibility of increasing returns to scale to all factors,and constant returns to a sing
13、le factorAlternatively,a single firm may not capture all benefits of capital some external to the firm(Romer)When a firm increases K,firms production increases,but so does the productivity of other firmsAs long as private return has constant returns to all factors,there will be no tendency towards m
14、onopolization4-10Private vs.Social Returns to CapitalInvestment produces not only new machines,but also new ways of doing thingsFirms DO capture the production benefits of a new machine(PRIVATE RETURNS)Firms may NOT capture the benefits of new technologies and ideas,since they are easy to copy(SOCIA
15、L RETURNS)Endogenous growth theory hinges on the notion that there are substantial external returns to capitalNot realistic for physical capital,but quite for human capital:1.Contribution of new knowledge only partially captured by creator2.From one new idea springs another knowledge can grow indefi
16、nitely4-11N and the Endogenous Growth ModelAssume:1.Technology is proportional to the level of capital per worker,or 2.Technology is labor augmenting,3.Technology growth depends on capital growth,orThe GDP growth equation from Chapter 3 wasIf ,then kNKA),(ANKFY NNKKAADeriving the growth equations re
17、quires some algebra.AAkkyy)1(kkNNKKAAkkkkkkAAkkyy)1()1(Output and capital growat the same rate.4-12N and the Endogenous Growth ModelAssume:1.Technology is proportional to the level of capital per worker,or 2.Technology is labor augmenting,3.Technology growth depends on capital growth,orSince the num
18、erator and denominator of y/k grow at equal rates,y/k is constantWhat is that constant?Find by dividing the production function by K and simplifying:kNKA),(ANKFY NNKKAADeriving the growth equations requires some algebra.aFKNNKKKFKNAKKFKANKFky,1,),(4-13N and the Endogenous Growth ModelAssume:1.Techno
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