巴罗宏观经济学：现代观点第3章.pptVIP

Macroeconomics Chapter 3 Economic Growth and Standard of Living World Distribution of Real GDP World Distribution of Per Capita income in 2000 World Distribution of Per Capita Income in 1960 Growth Rate in Per capita Income 1960-2000. Income Inequality. Long Term Economic Growth in OECD Countries Productivity Slowdown The decline in the growth rate of real GDP per person from 3.1% per year for 1960–1980 to 1.8% per year for 1980–2000 is sometimes called the productivity slowdown. Growth Questions What factors caused some countries to grow fast and others to grow slow over periods such as 1960 to 2000? In particular, why did the East Asian countries do so much better than the sub-Saharan African countries? Growth Questions How did countries such as the United States and other OECD members sustain growth rates of real GDP per person of around 2% per year for a century or more? Growth Questions What can policymakers do to increase growth rates of real GDP per person? Production Function Y = A· F(K, L) A ? Technology Level K ? Capital Stock – machines and buildings used by business. L ? Labor Force – number of workers Production Functions MPL – Marginal Product of Labor Diminishing Marginal Product of labor MPK – Marginal Product of Capital Diminishing Marginal Product of Capital Constant Returns to Scale Constant Returns to Scale Double K and L and Y will also double Therefore, if we multiply K and L by the quantity 1/L we also multiply Y by 1/L to get Y/L = A· F(K/L, L/L) Per Worker Production Function y=f(k) y ? output per worker k ? capital per worker An example: Cobb-Douglas Production Function Contributions to GDP Growth ?Y/Y = ?A/A + α·(?K/K) + β·(?L/L) The growth rate of real GDP, ?Y/Y, equals the growth rate of technology, ?A/A, plus the contributions from the growth of capital, α·(?K/K), and labor, β·(?L/L). Solow residual Contributions to GDP Growth α + β = 1 Share of capital income (α) + share of labor income (β) = 1 ?Y/Y = ?A/A