宏观经济学---曼昆chap08.ppt

* In this model, the steady state growth rate of the standard of living equals the growth rate of labor efficiency, just like in the Solow model with tech progress, covered at the beginning of this chapter. The difference here is that the rate of tech progress, g, is not exogenous: it depends on how much labor the economy has allocated to research. Answer to the question posed on the bottom of this slide: No. On one hand, higher u means faster growth. On the other hand, higher u means less labor is devoted to the production of goods services. If we increase u, output of goods services per capita will fall in the near term. But, with faster growth, output per capita will eventually be higher than it would have. Of course, if we increase u to its maximum possible value, 1, then no goods and services would be produced, and you’d have a bunch of starving geniuses. Which would be kind of odd, if you think about it. This tradeoff suggests that there must be some kind of “golden rule” for u, a value of u that maximizes well-being per capita in the steady state. Well, I’m clearly babbling now. Perhaps I should let you get back to your class preparations. * RD = research and development An excellent quote on p.238 is relevant to fact #3: Isaac Newton once said “If I have seen farther than others, it is because I was standing on the shoulders of giants.” * * This slide contains material from a new case study (new to the 6th edition) on p.239-40. The text provides a nice, brief summary of the story of the Luddites. * * * * Table 8-1, p.219. Explanations: k is constant (has zero growth rate) by definition of the steady state y is constant because y = f(k) and k is constant To see why Y/L grows at rate g, note that the definition of y implies (Y/L) = yE. The growth rate of (Y/L) equals the growth rate of y plus that of E. In the steady state, y is constant while E grows at rate g. Y grows at rate g + n. To see this, note that Y = yEL = (yE)?L.