曼昆《宏观经济学》(第五版)课堂讲义PPT(英文)Ch07.pptVIP

* Chapter Seven A PowerPoint?Tutorial to Accompany macroeconomics, 5th ed. N. Gregory MankiwMannig J. Simidian ? CHAPTER SEVEN Economic Growth I Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. The Solow Growth Model is designed to show how growth in the capital stock, growth in the labor force, and advances in technology interact in an economy, and how they affect a nation’s total output of goods and services. Let’s now examine how the model treats the accumulation of capital. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. The production function represents the transformation of inputs (labor (L), capital (K), production technology) into outputs (final goods and services for a certain time period). The algebraic representation is: Y = F ( K , L ) The Production Function Income is some function of our given inputs Let’s analyze the supply and demand for goods, and see how much output is produced at any given time and how this output is allocated among alternative uses. Key Assumption: The Production Function has constant returns to scale. z z z Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. This assumption lets us analyze all quantities relative to the size of the labor force. Set z = 1/L. Y/ L = F ( K / L , 1 ) Output Per worker is some function of the amount of capital per worker Constant returns to scale imply that the size of the economy as measured by the number of workers does not affect the relationship between output per worker and capital per worker. So, from now on, let’s denote all quantities in per worker terms in lower case letters. Here is our production function:, where f(k)=F(k,1). y = f ( k ) Evaluation only.