Содержание
- 2. ECONOMIC GROWTH I: CAPITAL ACCUMULATION & POPULATION GROWTH 8
- 3. 8-1 The Accumulation of Capital 8-2 The Golden Rule Level of Capital 8-3 Population Growth
- 4. The Solow growth model shows how saving, population growth, technological progress Level & Growth of output
- 5. Income and poverty in the world selected countries, 2010 Indonesia Uruguay Poland Senegal Kyrgyz Republic Nigeria
- 6. 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock
- 7. y = Y/L is output per worker k = K/L is capital per worker f(k) =
- 8. The Production Function The PF shows how the amount of capital per worker k determines the
- 9. 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock
- 10. 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock
- 11. 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock
- 12. 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock
- 13. Output, Consumption, and Investment The saving rate s determines the allocation of output between C &
- 14. Depreciation is a constant fraction of the CS wears out every year. Depreciation is therefore proportional
- 15. Capital accumulation Change in capital stock = investment – depreciation Δk = i – δk Since
- 16. The equation of motion for k The Solow model’s central equation Determines behavior of capital over
- 17. The steady state If investment is just enough to cover depreciation [sf(k) = δk ], then
- 18. The steady state
- 19. Moving toward the steady state Δk = sf(k) − δk
- 20. Moving toward the steady state Δk = sf(k) − δk
- 21. Moving toward the steady state Δk = sf(k) − δk k2
- 22. Moving toward the steady state Δk = sf(k) − δk k2
- 23. Moving toward the steady state Δk = sf(k) − δk
- 24. Moving toward the steady state Δk = sf(k) − δk k2 k3
- 25. Moving toward the steady state Δk = sf(k) − δk k3 Summary: As long as k
- 26. Now you try: Draw the Solow model diagram, labeling the steady state k*. On the horizontal
- 27. A numerical example Production function (aggregate): To derive the per-worker production function, divide through by L:
- 28. A numerical example, cont. Assume: s = 0.3 δ= 0.1 initial value of k = 4.0
- 29. Approaching the steady state: A numerical example Year k y c i k k 1 4.000
- 30. Exercise: Solve for the steady state Continue to assume s = 0.3, δ = 0.1, and
- 31. Solution to exercise:
- 32. An increase in the saving rate An increase in the saving rate raises investment… …causing k
- 33. Prediction: Higher s ⇒ higher k*. And since y = f(k) , higher k* ⇒ higher
- 34. International evidence on investment rates and income per person 100 1,000 10,000 100,000 0 5 10
- 35. The Golden Rule: Introduction Different values of s lead to different steady states. How do we
- 36. The Golden Rule capital stock the Golden Rule level of capital, the steady state value of
- 37. Then, graph f(k*) and δk*, look for the point where the gap between them is biggest.
- 38. The Golden Rule capital stock c* = f(k*) − δk* is biggest where the slope of
- 39. The transition to the Golden Rule steady state The economy does NOT have a tendency to
- 40. Starting with too much capital then increasing c* requires a fall in s. In the transition
- 41. Starting with too little capital then increasing c* requires an increase in s. Future generations enjoy
- 42. Population growth Assume that the population (and labor force) grow at rate n. (n is exogenous.)
- 43. Break-even investment (δ + n)k = break-even investment, the amount of investment necessary to keep k
- 44. The equation of motion for k With population growth, the equation of motion for k is
- 45. The Solow model diagram Δk = s f(k) − (δ +n)k
- 46. The impact of population growth Investment, break-even investment Capital per worker, k (δ +n1) k k1*
- 47. Prediction: Higher n ⇒ lower k*. And since y = f(k) , lower k* ⇒ lower
- 48. International evidence on population growth and income per person 100 1,000 10,000 100,000 0 1 2
- 49. The Golden Rule with population growth To find the Golden Rule capital stock, express c* in
- 50. Alternative perspectives on population growth The Malthusian Model (1798) Predicts population growth will outstrip the Earth’s
- 51. Alternative perspectives on population growth The Kremerian Model (1993) Posits that population growth contributes to economic
- 52. Chapter Summary 1. The Solow growth model shows that, in the long run, a country’s standard
- 54. Скачать презентацию