宏觀經(jīng)濟(jì)PPT英文版(3)

1、 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 1Macroeconomics 1st editionbyRobert J. BarroStanfords Hoover Institution and NBERPowerPoint Slide Presentation Philip Heap, James Madison University

2、 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2Chapter 3Introduction ToEconomic Growth 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a public

3、ly accessible website, in whole or in part.3Chapter Previewn“Is there some action a government of India could take that would lead the Indian economy to grow like Indonesias or Egypts? If so, what, exactly? If not, what is it about the nature of India that makes it so.” (Lucas).nOver the next three

4、chapters will try to answer these questions.qWhat are the factors that lead to economic growth?qWhy do some countries grow fast and others slow?nWhy is economic growth important? Why care?nFacts about growth. 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or po

5、sted to a publicly accessible website, in whole or in part.4Facts About Economic Growth 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.5Facts About Economic Growth 2010 Cengage Learning. All Rights

6、 Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.6Facts About Economic Growth 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.7Fac

7、ts About Economic GrowthnThree points to consider:qThe poorest countries in 2000 (sub-Saharan Africa) were poor mainly because they had grown at low or negative rates since 1960.qSome countries in East Asia grew at high rates, which enabled the countries to move from low levels of real GDP per perso

8、n much higher levels.qOECD countries were rich in 2000 because they grew from 1960-2000 but also because they were already rich in 1960. 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.8World Povert

9、y and Income Inequality: 1970nWhat happened to the poverty rate and income inequality from 1970-2000? 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.9World Poverty and Income Inequality: 2000nWhat

10、happened to the poverty rate and income inequality from 1970-2000? 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.10World Poverty and Income InequalitynWhat happened to the poverty rate and income

11、inequality from 1970-2000?qThe poverty rate fraction of the population living in poverty fell.qPoverty shifted from an Asian problem to mainly an African problem.qAlthough income inequality rose within several large countries, world income inequality fell. 2010 Cengage Learning. All Rights Reserved.

12、 May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.11Long Term Economic Growth in OECD Countries 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in pa

13、rt.12Questions To AnswernWhat factors caused some countries to grow faster than others? East Asian countries vs. sub-Saharan African countries?nHow did “rich” countries sustain growth rates of 2% per year for over a century?nWhat policies can increase real GDP per person? 2010 Cengage Learning. All

14、Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.13Theory of Economic GrowthnProduction FunctionqY = A F(K, L)qDiminishing marginal product of capital and labor. 2010 Cengage Learning. All Rights Reserved. May not be scanned,

15、copied or duplicated, or posted to a publicly accessible website, in whole or in part.14Theory of Economic GrowthOutput YCapital KA F(K, L)As K increases, the marginal product of K (slope) decreases. 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a

16、 publicly accessible website, in whole or in part.15Theory of Economic GrowthOutput YLabor LA F(K, L)As L increases, the marginal product of L (slope) decreases. 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

17、 or in part.16Theory of Economic GrowthnProduction FunctionqY = A F(K, L)qDiminishing marginal product of capital and labor.qConstant returns to scaleqY/L = A F(K/L, L/L)qy = A f(k)qDiminishing marginal product of capital per worker 2010 Cengage Learning. All Rights Reserved. May not be scanned, cop

18、ied or duplicated, or posted to a publicly accessible website, in whole or in part.17Theory of Economic GrowthOutput per worker - yCapital per worker - kA f(k)As k increases, the marginal product of k (slope) decreases. 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplic

19、ated, or posted to a publicly accessible website, in whole or in part.18Theory of Economic GrowthnGrowth Accounting: how is the growth in Y influenced by the growth in A, K and L.nY/Y = A/A + K/K + L/LqA/A: growth rate in technologyq K/K: contribution of growth in K to the growth of Yq L/L: contribu

20、tion of growth in L to the growth of Y 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.19Theory of Economic GrowthnY/Y = A/A + K/K + L/Lq + = 1 due to constant returns to scaleq0 1 and 0 0, so s (y/

21、k) s + nnAs k increases, y/k decreases (average product of K) and so does s (y/k).nTherefore, over time the growth rate of capital per worker falls and reaches a steady state k*.nIn the steady state s (y*/k*) - s n = 0 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplica

22、ted, or posted to a publicly accessible website, in whole or in part.31The Solow Growth ModelDeterminants of k/kCapital per worker - ks + nk0k*s (y/k)k/k 0 since s (Y/K) s + n 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible web

23、site, in whole or in part.32Solow Growth Modelns (y*/k*) - s n = 0ns (y* - k*) = nk*nsteady-state saving per worker = steady-state capital provided for each new workernWhats the intuition behind all of this? 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.33Solow Growth ModelnTwo main implications:qAs we go from k(0) to k*, the growth rate of capital per worker, k/k, is 0 but declining toward zero, and eventually reaches a s