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* Before revealing the numbers in the first row, ask your students to determine them and write them in their notes. Give them a moment, then reveal the first row and make sure everyone understands where each number comes from. Then, ask them to determine the numbers for the second row and write them in their notes. After the second round of this, it’s probably fine to just show them the rest of the table. * * Suggestion: give your students 3-5 minutes to work on this exercise in pairs. Working alone, a few students might not know to start by setting ?k = 0. But working in pairs, they are more likely to figure it out. Also, this gives students a little psychological momentum to make it easier for them to start on the end-of-chapter exercises (if you assign them as homework). (If any need a hint, remind them that the steady state is defined by ?k = 0. A further hint is that they answers they get should be the same as the last row of the big table on the preceding slide, since we are still using all the same parameter values.) * * Next, we see what the model says about the relationship between a country’s saving rate and its standard of living (income per capita) in the long run (or steady state). An earlier slide said that the model’s omission of G and T was only to simplify the presentation. We can still do policy analysis. We know from Chapter 3 that changes in G and/or T affect national saving. In the Solow model as presented here, we can simply change the exogenous saving rate to analyze the impact of fiscal policy changes. * Of course, the converse is true, as well: a fall in s (caused, for example, by tax cuts or government spending increases) leads ultimately to a lower standard of living. In the static model of Chapter 3, we learned that a fiscal expansion crowds out investment. The Solow model allows us to see the long-run dynamic effects: the fiscal expansion, by reducing the saving rate, reduces investment. If we were ini
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