Trade Growth and Innovation Daron Acemoglu 经济增长导论课件.pdf

Advanced Economic Growth: Lectures 15 and 17, Trade, Growth and Innovation Daron Acemoglu MIT October 29, November 5. Daron Acemoglu (MIT) Advanced Growth Lectures 15 and 17 October 29, November 5. 1 / 103 Introduction Models of world equilibria with international trade in commodities (or intermediate goods) and economic growth. Interactions between trade and growth depend on nature of trade: I Heckscher-Ohlin type: trade from di§erences in factor abundance. I Ricardian type: trade driven by technological comparative advantage. I Main di§erence: whether prices of goods a country supplies are a§ected by its own production and accumulation. Also study whether international trade encourages growth I Depends on how trade is modeled and source of growth (learning by doing versus innovation). Daron Acemoglu (MIT) Advanced Growth Lectures 15 and 17 October 29, November 5. 2 / 103 Growth and Financial Capital Flows KEY: In globalized economy, if rates of return to capital di§er across countries, capital should áow where return is higher. Implies very di§erent pattern of growth in Önancially integrated world; changes transitional dynamics in neoclassical growth model. Raises puzzles: I Lucas (1990): ìWhy Does Capital Not Flow from Rich to Poor Countries?î. I Free áows of capital lead to a pattern of growth that appears counterfactual. I There is much less net áows of capital from countries with high saving rates towards those with lower saving rates than a theory of frictionless international capital markets would suggest (Feldstein and Horioka, 1980) Daron Acemo