Chapter4GrowthandPolicy资料.pptVIP

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 grow