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1、Macroeconomics Chapter 5,1,Conditional Convergence and Long-Run Economic Growth,C h a p t e r 5,Macroeconomics Chapter 5,2,Conditional Convergence in Practice,Growth rate of capital per worker, k/k:k/k= k(0) , k* () (+)y= A f(k)Growth rate of real GDP per worker is a function of initial and steady-s
2、tate real GDP per worker y/y= y(0) , y* () (+),Macroeconomics Chapter 5,3,Conditional Convergence in Practice,Macroeconomics Chapter 5,4,Conditional Convergence in Practice,Variables that influence y* that are held constant.A measure of the saving rateThe fertility rateSubjective measures of mainten
3、ance of the rule of law and democracyThe size of governmentThe extent of international openness, measured by the volume of exports and importsChanges in the terms of tradeMeasures of investment in education and healthThe average rate of inflation,Macroeconomics Chapter 5,5,Conditional Convergence in
4、 Practice,Japan and Germany after 2nd world war.East Asia countriesAfrican Countries,Macroeconomics Chapter 5,6,Long-Run Economic Growth,Solow model, the growth rate of capital per worker, k, is given by k/k= s (y/k) s n,Macroeconomics Chapter 5,7,Long-Run Economic Growth,A case in which capital bro
5、adly defined to include human and infrastructure capital is the only factor input to production. AK modely= Ak,Macroeconomics Chapter 5,8,Long-Run Economic Growth,k capital per workery/k= Ak/k= sA s n,Macroeconomics Chapter 5,9,Long-Run Economic Growth,Macroeconomics Chapter 5,10,Long-Run Economic G
6、rowth,ConclusionsThe long-run growth rate of capital per worker, k/k, is greater than zero and equal to sA s nGrowth rates of capital and real GDP per worker, k/k and y/y, do not change as capital and real GDP per worker, k and y, rise.poor economies with low k and y do not tend to grow faster than
7、rich economies,Macroeconomics Chapter 5,11,Long-Run Economic Growth,The regular process of improvement in technology is called technological progress.exogenous technological progress - the improvements in technology were not explained within the model.A/A= g,Macroeconomics Chapter 5,12,Long-Run Econ
8、omic Growth,Exogenous Technological ProgressY/Y= A/A+(K/K)+(1)(L/ L)Using A/A= g and and L/L = n Y/Y= g+ (K/ K) + (1) ny/y= Y/Y L/L = Y/Y n,Macroeconomics Chapter 5,13,Long-Run Economic Growth,Exogenous Technological Progress y/y= g+(K/K)+(1)n n = g+(K/K n) k/k= K/K L/L = K/K n y/y= g+(k/k),Macroeco
9、nomics Chapter 5,14,Long-Run Economic Growth,Exogenous Technological Progressk/k - in the Solow modelk/k= sAf(k)/k s nGrowth rate of real GDP per worker with technical progressy/y= g+ sA f(k)/k sn,Macroeconomics Chapter 5,15,Long-Run Economic Growth,Steady state: all variables grow at constant rates
10、.k/k is constant k/k= s(y/k) s ny/k is constant,Macroeconomics Chapter 5,16,Long-Run Economic Growth,Exogenous Technological Progress(y/y)* = (k/k)*(y/y)* = g+ (k/k)*(y/y)* = g+ (y/y)*(y/y)* (y/y)* = g(1)(y/y)* = g,Macroeconomics Chapter 5,17,Long-Run Economic Growth,Exogenous Technological Progress
11、Steady-state growth rate with technological progress(y/y) * = g/(1 )Since 0 1 the steady-state growth rate of real GDP per worker, (y/y), is greater than the rate of technological progress, g.,Macroeconomics Chapter 5,18,Long-Run Economic Growth,Exogenous Technological Progress(k/k)* = (y/y)*(k/k)*
12、= g/(1)Exogenous technological progress at the rate A/A= g leads to long-term growth in real GDP and capital per worker, k and y, at the rate g/(1),Macroeconomics Chapter 5,19,Long-Run Economic Growth,Exogenous Technological Progressk/k= s(y/k) s n(k/k)* = g/(1 ) g/(1) = s(y/ k)* s ns(y/k)* = n+g/(1
13、)(y/k)*= +(1/s)n+g/(1)For Cobb-Douglas function,Macroeconomics Chapter 5,20,Long-Run Economic Growth,Macroeconomics Chapter 5,21,Long-Run Economic Growth,Macroeconomics Chapter 5,22,Long-Run Economic Growth,Macroeconomics Chapter 5,23,Endogenous Growth Theory,Extend the model to explain why technolo
14、gical progress occurs.Most endogenous growth models focus on investments in research and development (R&D),Macroeconomics Chapter 5,24,Endogenous Growth Theory,The essential feature of knowledge or technology: non-rival good MC is zeroProduction function of A: A =f(A,K,L) Is the marginal product of
15、A decreasing, increasing, or constant? Human capital,Macroeconomics Chapter 5,25,Endogenous Growth Theory,The determinants of the allocation of resources to R&DSupport for basic scientific researchPrivate incentives for R&D and innovationAlternative opportunities for talented individuals: rent-seekingLearning-by-doing:,Macroeconomics Chapter 5,26,Endogenous Growth Theory,
