曼昆《宏观经济学》(第五版)课堂讲解(英文)Ch07.pptVIP

* Chapter Seven A PowerPoint?Tutorial to Accompany macroeconomics, 5th ed. N. Gregory Mankiw Mannig J. Simidian ? CHAPTER SEVEN Economic Growth I The Solow Growth Model is designed to show how growth in the capital stock, growth in the labor force, and advances in technology interact in an economy, and how they affect a nation’s total output of goods and services. Let’s now examine how the model treats the accumulation of capital. The production function represents the transformation of inputs (labor (L), capital (K), production technology) into outputs (final goods and services for a certain time period). The algebraic representation is: Y = F ( K , L ) The Production Function Income is some function of our given inputs Let’s analyze the supply and demand for goods, and see how much output is produced at any given time and how this output is allocated among alternative uses. Key Assumption: The Production Function has constant returns to scale. z z z This assumption lets us analyze all quantities relative to the size of the labor force. Set z = 1/L. Y/ L = F ( K / L , 1 ) Output Per worker is some function of the amount of capital per worker Constant returns to scale imply that the size of the economy as measured by the number of workers does not affect the relationship between output per worker and capital per worker. So, from now on, let’s denote all quantities in per worker terms in lower case letters. Here is our production function: , where f(k)=F(k,1). y = f ( k ) MPK = f (k + 1) – f (k) y k f(k) The production function shows how the amount of capital per worker k determines the amount of output per worker y=f(k). The slope of the production function is the marginal product of capital: if k increases by 1 unit, y increases by MPK units. 1 MPK consumption per worker depends on savings rate (between 0 and 1) Output per worker consumption per worker investment per worker y = c + i 1) c = (1-s)y 2) y = (1-s)y + i 3) 4) i = sy