Economic Growth for Development Surbiton High 经济增长发展索比顿高.pptVIP

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Economic Growth for Development Surbiton High 经济增长发展索比顿高.ppt

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Economic Growth for Development World Bank est: 16% of growth from physical capital64% of growth from human 20% from natural endowments eg. oil Physical Capital: any good that can produce goods or services in the future Human Capital: productive potential of people Technological Progress: increased application to capital of new knowledge (augments both physical human capital) - disadvantage that “new” capital can become obsolete Investment and Savings Increased human and physical capital, and technological progress require investment Investment requires giving up current consumption in favour of future consumption Investment requires saving May not be able to afford to give up current consumption thus constraining growth Return on investment in primary education is 40%! PPF Model of Development Potential A B Capital Goods Consumer Goods Two countries starting at the same PPF can achieve very different growth levels depending on where resources are used. The Harrod-Domar model suggests high rates of savings are necessary for economic growth Improving Levels of Investment Gov’t may make savings compulsory or provide incentives Gov’t may invest themselves using enforced savings (taxation) Gov’ts or firms may borrow from other countries or aid agencies – pay back interest from future growth Investment must be balanced between human, physical, and technological resources Evaluating Investment / Savings for Economic Growth ↑ savings doesn’t necessarily lead to growth – funds must find their way to those who will invest it wisely Investment projects must be coordinated between interrelated firms Savings is not independent of GDP – people will only save if income is high enough Extra capital equipment will eventually be wasted if labour supply is limited – technological change to improve efficiency may be more important Gov’t financed investment may not be most effective Macroeconomic Stability for Economic Growth Growth will depend upon the stability of the econ