宏观经济学ch07.pptVIP

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宏观经济学ch07.ppt

Chapter 7 learning objectives Learn the closed economy Solow model See how a country’s standard of living depends on its saving and population growth rates Learn how to use the “Golden Rule” to find the optimal savings rate and capital stock The importance of economic growth …for poor countries selected poverty statistics In the poorest one-fifth of all countries, daily caloric intake is 1/3 lower than in the richest fifth the infant mortality rate is 200 per 1000 births, compared to 4 per 1000 births in the richest fifth. selected poverty statistics In Pakistan, 85% of people live on less than $2/day One-fourth of the poorest countries have had famines during the past 3 decades. (none of the richest countries had famines) Poverty is associated with the oppression of women and minorities Estimated effects of economic growth A 10% increase in income is associated with a 6% decrease in infant mortality Income growth also reduces poverty. Example: Income and poverty in the world selected countries, 2000 The importance of economic growth …for poor countries Huge effects from tiny differences In rich countries like the U.S., if government policies or “shocks” have even a small impact on the long-run growth rate, they will have a huge impact on our standard of living in the long run… Huge effects from tiny differences Huge effects from tiny differences If the annual growth rate of U.S. real GDP per capita had been just one-tenth of one percent higher during the 1990s, the U.S. would have generated an additional $449 billion of income during that decade The lessons of growth theory These lessons help us understand why poor countries are poor design policies that can help them grow learn how our own growth rate is affected by shocks and our government’s policies The Solow Model due to Robert Solow, won Nobel Prize for contributions to the study of economic growth a major paradigm: widely used in policy making benchmark against which most recent g

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