Chapter4 Growth and Policy要点解析.ppt

Chapter 4 Growth and Policy Highlights Rates of economic growth vary widely across countries and across time. Endogenous growth theory attempts to explain growth rates as functions of societal decisions, in particular saving rates. Highlights The role of human capital and investment in new knowledge is a key to endogenous growth theory. Income in poor countries appears to be converging toward income levels of rich countries, but at extremely slow rates. Introduction In the first part of this chapter we look at how society’s choices lead to technical progress—the subject called endogenous growth theory. Paul Romer and Robert Lucas are responsible for much of the early development of this concept. Paul Romer Paul Michael Romer?(born November 7, 1955) is an American?economist,?entrepreneur, and activist. Romer earned a?B.S.?in?physics?in 1977 and a?Ph.D.?in economics in 1983, both from the?University of Chicago. 由国务院发展研究中心主办、中国发展研究基金会承办的“中国发展高层论坛2015”年会于2015年3月21日—3月23日在北京钓鱼台国宾馆举行，本届论坛的主题为“新常态下的中国经济”。 Lucas Robert Emerson Lucas, Jr.?(born September 15, 1937) is an?American?economist?at the?University of Chicago. He received the?Nobel Memorial Prize in Economic Sciences?in 1995. He was regarded as the most influential macroeconomist of the last quarter of the 20th century. Introduction Chapter 3 explained how GDP and GDP growth are determined by the savings rate, rate of population growth, and the rate of technological progress Introduction In many developed countries, invention and advances in technology are the key determinants of growth Technological advances are much less important for poor countries ? more important to invest in human and physical capital and borrow technological advances from others Introduction The question analyzed in this chapter is “How do society’s choices affect these parameters?” Trouble With Neoclassical Growth Theory By the late 1980s dissatisfaction with the theory had arisen on both theoretical and empirical grounds. Neoclassic