高宏Chapter 3A.ppt

Chapter 3New Growth Theory 暨南大学经济学院 周泳宏 tzhouyhjnu@jnu.edu.cn introduction Remember: BGP in Solow model introduction The models we have seen so far do not provide satisfying answers to the questions about economic growth Capital accumulation cannot account for a large part of either long-run growth or cross-country income differences The only determinant of income is a mystery variable, the effectiveness of labor, A, whose meaning is not specified and whose behavior is taken as exogenous This chapter therefore investigates the fundamental questions of growth theory more deeply The accumulati