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Слайды и текст к этой презентации:

№1 слайд
Growth Theory The Economy in
Содержание слайда: Growth Theory: The Economy in the Very Long Run
№2 слайд
ECONOMIC GROWTH I ECONOMIC
Содержание слайда: ECONOMIC GROWTH I: ECONOMIC GROWTH I: CAPITAL ACCUMULATION & POPULATION GROWTH
№3 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital 8-1 The Accumulation of Capital 8-2 The Golden Rule Level of Capital 8-3 Population Growth
№4 слайд
The Solow growth model shows
Содержание слайда: The Solow growth model shows how The Solow growth model shows how saving, population growth, technological progress Level & Growth of output
№5 слайд
Income and poverty in the
Содержание слайда: Income and poverty in the world selected countries, 2010
№6 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock and the Steady State Approaching the Steady State: A Numerical Example How Saving Affects Growth
№7 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital y = Y/L is output per worker k = K/L is capital per worker f(k) = F(k, 1) y = f(k) MPK = f(k + 1) − f(k) k is low → the average worker has only a little capital → an extra unit of capital is very useful and → He produces a lot of additional output. k is high → the average worker has a lot of capital already, → so an extra unit increases production only slightly.
№8 слайд
The Production Function
Содержание слайда: The Production Function
№9 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock and the Steady State Approaching the Steady State: A Numerical Example How Saving Affects Growth
№10 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock and the Steady State Approaching the Steady State: A Numerical Example How Saving Affects Growth
№11 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock and the Steady State Approaching the Steady State: A Numerical Example How Saving Affects Growth
№12 слайд
- The Accumulation of Capital
Содержание слайда: 8-1 The Accumulation of Capital The Supply and Demand for Goods Growth in the Capital Stock and the Steady State Approaching the Steady State: A Numerical Example How Saving Affects Growth
№13 слайд
Output, Consumption, and
Содержание слайда: Output, Consumption, and Investment The saving rate s determines the allocation of output between C & I. For any level of capital k, output is f (k), investment is sf(k), and consumption is f (k) -sf(k).
№14 слайд
Depreciation is a constant
Содержание слайда: Depreciation is a constant fraction of the CS wears out every year. Depreciation is therefore proportional to the capital stock.
№15 слайд
Capital accumulation The
Содержание слайда: Capital accumulation The basic idea: Investment increases the capital stock, depreciation reduces it.
№16 слайд
The equation of motion for k
Содержание слайда: The equation of motion for k The Solow model’s central equation Determines behavior of capital over time… …which, in turn, determines behavior of all of the other endogenous variables because they all depend on k. E.g., income per person: y = f(k) consumption per person: c = (1–s) f(k)
№17 слайд
The steady state If
Содержание слайда: The steady state If investment is just enough to cover depreciation [sf(k) = k ], then capital per worker will remain constant: k = 0. This occurs at one value of k, denoted k*, called the steady state capital stock.
№18 слайд
The steady state
Содержание слайда: The steady state
№19 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№20 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№21 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№22 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№23 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№24 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№25 слайд
Moving toward the steady state
Содержание слайда: Moving toward the steady state
№26 слайд
Now you try Draw the Solow
Содержание слайда: Now you try: Draw the Solow model diagram, labeling the steady state k*. On the horizontal axis, pick a value greater than k* for the economy’s initial capital stock. Label it k1. Show what happens to k over time. Does k move toward the steady state or away from it?
№27 слайд
A numerical example
Содержание слайда: A numerical example Production function (aggregate):
№28 слайд
A numerical example, cont.
Содержание слайда: A numerical example, cont. Assume: s = 0.3 = 0.1 initial value of k = 4.0
№29 слайд
Approaching the steady state
Содержание слайда: Approaching the steady state: A numerical example Year k y c i k k 1 4.000 2.000 1.400 0.600 0.400 0.200 2 4.200 2.049 1.435 0.615 0.420 0.195 3 4.395 2.096 1.467 0.629 0.440 0.189
№30 слайд
Exercise Solve for the steady
Содержание слайда: Exercise: Solve for the steady state Continue to assume s = 0.3,  = 0.1, and y = k 1/2
№31 слайд
Solution to exercise
Содержание слайда: Solution to exercise:
№32 слайд
An increase in the saving rate
Содержание слайда: An increase in the saving rate
№33 слайд
Prediction Higher s higher k
Содержание слайда: Prediction: Higher s  higher k*. And since y = f(k) , higher k*  higher y* . Thus, the Solow model predicts that countries with higher rates of saving and investment will have higher levels of capital and income per worker in the long run.
№34 слайд
International evidence on
Содержание слайда: International evidence on investment rates and income per person
№35 слайд
The Golden Rule Introduction
Содержание слайда: The Golden Rule: Introduction Different values of s lead to different steady states. How do we know which is the “best” steady state? The “best” steady state has the highest possible consumption per person: c* = (1–s) f(k*). An increase in s leads to higher k* and y*, which raises c* reduces consumption’s share of income (1–s), which lowers c*. So, how do we find the s and k* that maximize c*?
№36 слайд
The Golden Rule capital stock
Содержание слайда: The Golden Rule capital stock the Golden Rule level of capital, the steady state value of k that maximizes consumption.
№37 слайд
The Golden Rule capital stock
Содержание слайда: The Golden Rule capital stock
№38 слайд
The Golden Rule capital stock
Содержание слайда: The Golden Rule capital stock c* = f(k*)  k* is biggest where the slope of the production function equals the slope of the depreciation line:
№39 слайд
The transition to the Golden
Содержание слайда: The transition to the Golden Rule steady state The economy does NOT have a tendency to move toward the Golden Rule steady state. Achieving the Golden Rule requires that policymakers adjust s. This adjustment leads to a new steady state with higher consumption. But what happens to consumption during the transition to the Golden Rule?
№40 слайд
Starting with too much
Содержание слайда: Starting with too much capital then increasing c* requires a fall in s. In the transition to the Golden Rule, consumption is higher at all points in time.
№41 слайд
Starting with too little
Содержание слайда: Starting with too little capital then increasing c* requires an increase in s. Future generations enjoy higher consumption, but the current one experiences an initial drop in consumption.
№42 слайд
Population growth Assume that
Содержание слайда: Population growth Assume that the population (and labor force) grow at rate n. (n is exogenous.) EX: Suppose L = 1,000 in year 1 and the population is growing at 2% per year (n = 0.02). Then L = n L = 0.02  1,000 = 20, so L = 1,020 in year 2.
№43 слайд
Break-even investment n k
Содержание слайда: Break-even investment ( + n)k = break-even investment, the amount of investment necessary to keep k constant. Break-even investment includes:  k to replace capital as it wears out n k to equip new workers with capital (Otherwise, k would fall as the existing capital stock would be spread more thinly over a larger population of workers.)
№44 слайд
The equation of motion for k
Содержание слайда: The equation of motion for k With population growth, the equation of motion for k is
№45 слайд
The Solow model diagram
Содержание слайда: The Solow model diagram
№46 слайд
The impact of population
Содержание слайда: The impact of population growth
№47 слайд
Prediction Higher n lower k .
Содержание слайда: Prediction: Higher n  lower k*. And since y = f(k) , lower k*  lower y*. Thus, the Solow model predicts that countries with higher population growth rates will have lower levels of capital and income per worker in the long run.
№48 слайд
International evidence on
Содержание слайда: International evidence on population growth and income per person
№49 слайд
The Golden Rule with
Содержание слайда: The Golden Rule with population growth
№50 слайд
Alternative perspectives on
Содержание слайда: Alternative perspectives on population growth The Malthusian Model (1798) Predicts population growth will outstrip the Earth’s ability to produce food, leading to the impoverishment of humanity. Since Malthus, world population has increased sixfold, yet living standards are higher than ever. Malthus omitted the effects of technological progress.
№51 слайд
Alternative perspectives on
Содержание слайда: Alternative perspectives on population growth The Kremerian Model (1993) Posits that population growth contributes to economic growth. More people = more geniuses, scientists & engineers, so faster technological progress. Evidence, from very long historical periods: As world pop. growth rate increased, so did rate of growth in living standards Historically, regions with larger populations have enjoyed faster growth.
№52 слайд
Chapter Summary .The Solow
Содержание слайда: Chapter Summary 1. The Solow growth model shows that, in the long run, a country’s standard of living depends positively on its saving rate negatively on its population growth rate 2. An increase in the saving rate leads to higher output in the long run faster growth temporarily but not faster steady state growth.
№53 слайд
Chapter Summary .If the
Содержание слайда: Chapter Summary 3. If the economy has more capital than the Golden Rule level, then reducing saving will increase consumption at all points in time, making all generations better off. If the economy has less capital than the Golden Rule level, then increasing saving will increase consumption for future generations, but reduce consumption for the present generation.
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