曼昆《经济学原理》(宏观经济学分册)英文原版课件.ppt

1、 2007 Thomson South-Western 2007 Thomson South-WesternProduction and Growth A countrys standard of living depends on its ability to produce goods and services.Within a country there are large changes in the standard of living over time.In the United States over the past century,average income as mea

2、sured by real GDP per person has grown by about 2 percent per year.2007 Thomson South-WesternProduction and Growth Productivity refers to the amount of goods and services produced from each unit of labor input.A nations standard of living is determined largely by the productivity of its workers.2007

3、 Thomson South-WesternTable 1 The Variety of Growth Experiences 2007 Thomson South-WesternECONOMIC GROWTH AROUND THE WORLD Living standards,as measured by real GDP per person,vary significantly among nations.The poorest countries have average levels of income that have not been seen in the United St

4、ates for many decades.Annual growth rates that seem small become large when compounded for many years.Compounding refers to the accumulation of a growth rate over a period of time.2007 Thomson South-WesternProductivity:Its Role and Determinants Why Productivity Is So Important Productivity plays a k

5、ey role in determining living standards for all nations in the world.To understand the large differences in living standards across countries,we must focus on the production of goods and services.2007 Thomson South-WesternHow Productivity Is Determined The inputs used to produce goods and services a

6、re called the factors of production.The factors of production include:Physical capital Human capital Natural resources Technological knowledge The factors of production directly determine productivity.2007 Thomson South-WesternHow Productivity Is Determined Physical capital per worker is the stock o

7、f equipment and structures that are used to produce goods and services.Physical capital includes:Tools used to build or repair automobiles.Tools used to build furniture.Office buildings,schools,etc.Physical capital is a produced factor of production.It is an input into the production process that in

8、 the past was an output from the production process.2007 Thomson South-WesternHow Productivity Is Determined Human capital per worker is the economists term for the knowledge and skills that workers acquire through education,training,and experience.Like physical capital,human capital raises a nation

9、s ability to produce goods and services.2007 Thomson South-WesternHow Productivity Is Determined Natural resources are inputs used in production that are provided by nature,such as land,rivers,and mineral deposits.Renewable resources include trees and forests.Nonrenewable resources include petroleum

10、 and coal.Natural resources can be important but are not necessary for an economy to be highly productive in producing goods and services.2007 Thomson South-WesternHow Productivity Is Determined Technological knowledge includes societys understanding of the best ways to produce goods and services.Hu

11、man capital includes the resources expended transmitting this understanding to the labor force.2007 Thomson South-WesternFYI:The Production Function Economists often use a production function to describe the relationship between the quantity of inputs used in production and the quantity of output fr

12、om production.2007 Thomson South-WesternFYI:The Production Function Y=A F(L,K,H,N)Y=quantity of output A=available production technology L=quantity of labor K=quantity of physical capital H=quantity of human capital N=quantity of natural resources F()is a function that shows how the inputs are combi

13、ned.2007 Thomson South-WesternFYI:The Production Function A production function has constant returns to scale if,for any positive number x,xY=A F(xL,xK,xH,xN)That is,a doubling of all inputs causes the amount of output to double as well.2007 Thomson South-WesternFYI:The Production Function Productio

14、n functions with constant returns to scale have an interesting implication.Setting x=1/L,Y/L=A F(1,K/L,H/L,N/L)Where:Y/L=output per worker K/L=physical capital per worker H/L=human capital per worker N/L=natural resources per worker 2007 Thomson South-WesternFYI:The Production Function The preceding

15、 equation says that productivity(Y/L)depends on:physical capital per worker(K/L),human capital per worker(H/L),and natural resources per worker(N/L),as well as the state of technology(A).2007 Thomson South-WesternECONOMIC GROWTH AND PUBLIC POLICY Government policies that raise productivity and livin

16、g standards Encourage saving and investment.Encourage investment from abroad.Encourage education and training.Establish secure property rights and maintain political stability.Promote free trade.Promote research and development.2007 Thomson South-WesternSaving and Investment One way to raise future

17、productivity is to invest more current resources in the production of capital.2007 Thomson South-WesternDiminishing Returns and the Catch-Up Effect As the stock of capital rises,the extra output produced from an additional unit of capital falls;this property is called diminishing returns.Because of

18、diminishing returns,an increase in the saving rate leads to higher growth only for a while.In the long run,the higher saving rate leads to a higher level of productivity and income,but not to higher growth in these areas.2007 Thomson South-WesternIllustrating the Production FunctionOutputper worker1

19、1Capital perworker1.When the economy has a low level of capital,anextra unit of capital leads to a large increase in output.2.When the economy has ahigh level of capital,anextra unit of capital leads toa small increase in output.2007 Thomson South-WesternDiminishing Returns and the Catch-Up Effect T

20、he catch-up effect refers to the property whereby countries that start off poor tend to grow more rapidly than countries that start off rich.2007 Thomson South-WesternInvestment from Abroad Governments can increase capital accumulation and long-term economic growth by encouraging investment from for

21、eign sources.Investment from abroad takes several forms:Foreign Direct Investment Capital investment owned and operated by a foreign entity.Foreign Portfolio Investment Investments financed with foreign money but operated by domestic residents.2007 Thomson South-WesternEducation For a countrys long-

22、run growth,education is at least as important as investment in physical capital.In the United States,each year of schooling raises a persons wage,on average,by about 10 percent.Thus,one way the government can enhance the standard of living is to provide schools and encourage the population to take a

23、dvantage of them.2007 Thomson South-WesternEducation An educated person might generate new ideas about how best to produce goods and services,which in turn,might enter societys pool of knowledge and provide an external benefit to others.One problem facing some poor countries is the brain drain the e

24、migration of many of the most highly educated workers to rich countries.2007 Thomson South-Western Healthier workers are more productive.Good investments in the health of the population can lead to increase living standards.Countries can get caught in a vicious cycle.Health and NutritionPeople canno

25、t afford adequate health care and nutritious food.People are poor 2007 Thomson South-WesternProperty Rights and Political Stability Property rights refer to the ability of people to exercise authority over the resources they own.An economy-wide respect for property rights is an important prerequisit

26、e for the price system to work.It is necessary for investors to feel that their investments are secure.2007 Thomson South-WesternFree Trade Trade is,in some ways,a type of technology.A country that eliminates trade restrictions will experience the same kind of economic growth that would occur after

27、a major technological advance.2007 Thomson South-WesternFree Trade Some countries engage in.inward-orientated trade policies,avoiding interaction with other countries.outward-orientated trade policies,encouraging interaction with other countries.2007 Thomson South-WesternResearch and Development The

28、 advance of technological knowledge has led to higher standards of living.Most technological advance comes from private research by firms and individual inventors.Government can encourage the development of new technologies through research grants,tax breaks,and the patent system.2007 Thomson South-

29、WesternPopulation Growth Economists and other social scientists have long debated how population growth affects a society.Population growth interacts with other factors of production:Stretching natural resources Diluting the capital stock Promoting technological progressSummary 2007 Thomson South-We

30、stern Economic prosperity,as measured by real GDP per person,varies substantially around the world.The average income of the worlds richest countries is more than ten times that in the worlds poorest countries.The standard of living in an economy depends on the economys ability to produce goods and

31、services.Summary 2007 Thomson South-Western Productivity depends on the amounts of physical capital,human capital,natural resources,and technological knowledge available to workers.Government policies can influence the economys growth rate in many different ways.Summary 2007 Thomson South-Western The accumulation of capital is subject to diminishing returns.Because of diminishing returns,higher saving leads to a higher growth for a period of time,but growth will eventually slow down.Also because of diminishing returns,the return to capital is especially high in poor countries.