宏观经济学HUBBARD_MACRO_SG_10的.pdfVIP

Chapter10(22)

Long-RunEconomicGrowth:

SourcesandPolicies

ChapterSummary

Inthelongrun,acountrywillexperienceanincreasingstandardoflivingonlyifitexperiences

continuingtechnologicalchange.Thischapterlooksatdifferencesineconomicgrowthratesovertime

andbetweencountries.Becauseofdiminishingreturnstocapital,sustainedgrowthcanonlyoccurwith

technologicalchange,whichallowstheeconomytoproducemoreoutputwiththesamequantitiesof

inputs.

Untilaroundtheyear1300A.D.,mostpeoplesurvivedwithbarelyenoughfood.Livingstandardsbegan

torisesignificantlyonlyaftertheIndustrialRevolutionbeganinEnglandinthe1700swiththe

applicationofmechanicalpowertotheproductionofgoods.Thebestmeasureofacountry’sstandardof

livingisitslevelofrealGDPpercapita.

AneconomicgrowthmodelexplainschangesinrealGDPpercapitainthelongrun.Labor

productivityisthequantityofgoodsandservicesthatcanbeproducedbyoneworkerorbyonehourof

work.Economicgrowthdependsonincreasesinlaborproductivity.Technologicalchangeisachangein

theabilityofafirmtoproduceagivenlevelofoutputwithagivenquantityofinputs.Therearethree

mainsourcesoftechnologicalchange:bettermachineryandequipment,increasesinhumancapital,and

bettermeansoforganizingandmanagingproduction.Humancapitalistheaccumulatedknowledgeand

skillsthatworkersacquirefromeducationandtrainingorfromtheirlifeexperiences.Theper-worker

productionfunctionshowstherelationshipbetweencapitalperhourworkedandoutputperhour

worked,holdingtechnologyconstant.Diminishingreturnstocapitalmeansthatincreasesinthequantity

ofcapitalperhourworkedwillresultindiminishingincreasesinoutp