宏观经济学CHAP08经济增长2技术经验和政策.pptVIP

* * 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. * * * * * * * The two reasons on this slide are both implied by the Solow model. * * This slide and the following one present material from a new case study in the 6th edition, on pp.223-224. See note 4 on p.224 for references. Interpreting the numbers in this table: Sachs and Warner classify countries as either “open” or “closed.” Among the developed nations classified as “open,” the average annual growth rate was 2.3%. Among developed nations classified as “closed,” the growth rate was only 0.7% per year. The average growth rate for “open” developing nations was 4.5%. The average growth rate for “closed” developing countries was only 0.7%. * See note 4 on p.224 for references. * * This section (this and the next couple of slides) presents a very clever and fairly simple analysis of the U.S. economy. When asked, students often have reasonable ideas of how to estimate MPK (e.g., look at stock market returns), n and g, but very few offer suggestions on how to estimate the depreciation rate: there are lots of different kinds of capital out there. Here, Mankiw presents a simple and elegant way to estimate the aggregate depreciation rate (which appears a couple of slides below). First, though, you should make sure your students know why the inequalities in the last two lines tell us whether our current steady-state is above or below the Golden Rule steady state. To see this, remember that the steady-state value of capital is inversely related to the steady state value of MPK. If we’re above the Golden Rule capital stock, then we have “too much” capital, so MPK will be smaller than in the Golden Rule steady state. If we’re below the GR capital stock, then MPK is higher than in the Golden Rule. * The three equations appear in the top part of the next slide. Therefore, if you wish, instea