经济学第八章.pptVIP

* * * Measured in 1966-67 prices, real GDP per capita in Australia grew from about $1150 in 1901 to about $6110 in 2007. The average Australian in the year 2007 could buy more than five times as many goods and services as the average Australia in the year 1901. * * Potential real GDP increases every year as the labour force and the capital stock grow and technological change occurs. The smooth orange line represents potential real GDP and the blue line represents actual real GDP. Because of the business cycle, actual real GDP has sometimes been greater than potential real GDP and sometimes less. * Figure 12.5: The per-worker production function. The per-worker production function shows the relationship between capital per hour worked and real GDP per hour worked, holding technology constant. Increases in capital per hour worked increase output per hour worked, but at a diminishing rate. For example, an increase in capital per hour worked from $20 000 to $30 000 increases real GDP per hour worked from $200 to $350. An increase in capital per hour worked from $30 000 to $40 000 increases real GDP per hour worked from only $350 to $475. Each additional $10 000 increase in capital per hour worked results in progressively smaller increases in output per hours worked. * Figure 12.6: Technological change increases output per hour worked. Technological change shifts up the production function and allows more output per hour worked with the same amount of capital per hour worked. For example, along Production function1 with $50 000 in capital per hour worked, the economy can produce $575 in real GDP per hour worked. However, an increase in technology that shifts the economy to Production function2 makes it possible to produce $675 in real GDP per hour worked with the same level of capital per hour worked. * Calculating the GDP deflator Returning again to the simplified economy (Economy X). The real GDP calculation from the previous problem is included bel