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首页 宏观经济学 macroeconomics_12

宏观经济学 macroeconomics_12.ppt

宏观经济学 macroeconomics_12

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2019-06-20 0人阅读 举报 0 0 暂无简介

简介:本文档为《宏观经济学 macroeconomics_12ppt》,可适用于高等教育领域

©ThomsonSouthWestern©ThomsonSouthWestern©ThomsonSouthWesternProductionandGrowthAcountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservicesWithinacountrytherearelargechangesinthestandardoflivingovertimeIntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyaboutpercentperyearMalaysia©ThomsonSouthWestern©ThomsonSouthWesternSincegrowthratesvary,thecountryrankingscanchangeovertime:Poorcountriesarenotnecessarilydoomedtopovertyforever–eg,Singapore,incomeswerelowinandarequitehighnowRichcountriescan’ttaketheirstatusforgranted:Theymaybeovertakenbypoorerbutfastergrowingcountries*Asinpreviouschapters,“gs”isshortfor“goodsandservices”©ThomsonSouthWesternECONOMICGROWTHAROUNDTHEWORLDLivingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnationsThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecadesAnnualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyearsCompoundingreferstotheaccumulationofagrowthrateoveraperiodoftime©ThomsonSouthWesternIncomesandGrowthAroundtheWorldQuestions:WhyaresomecountriesricherthanothersWhydosomecountriesgrowquicklywhileothersseemstuckinapovertytrapWhatpoliciesmayhelpraisegrowthratesandlongrunlivingstandards*Theprecedingdatagivesrisetotheseimportantquestions,whichthischapteraddressesnext©ThomsonSouthWesternProductivityAcountry’sstandardoflivingdependsonitsabilitytoproducegoodsservicesThisabilitydependsonproductivity:theaveragequantityofgoodsservicesproducedperunitoflaborinputY=realGDP=quantityofoutputproducedL=quantityoflaborsowecanwriteproductivityasYL(outputperworker)*Asinpreviouschapters,“gs”isshortfor“goodsandservices”©ThomsonSouthWesternProductionandGrowthProductivityreferstotheamountofgoodsandservicesproducedfromeachunitoflaborinputAnation’sstandardoflivingisdeterminedlargelybytheproductivityofitsworkers©ThomsonSouthWesternProductivity:ItsRoleandDeterminantsWhyProductivityIsSoImportantProductivityplaysakeyroleindetermininglivingstandardsforallnationsintheworldTounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices©ThomsonSouthWesternHowProductivityIsDeterminedTheinputsusedtoproducegoodsandservicesarecalledthefactorsofproductionThefactorsofproductioninclude:PhysicalcapitalHumancapitalNaturalresourcesTechnologicalknowledgeThefactorsofproductiondirectlydetermineproductivity©ThomsonSouthWesternHowProductivityIsDeterminedPhysicalcapitalperworkeristhestockofequipmentandstructuresthatareusedtoproducegoodsandservicesPhysicalcapitalincludes:ToolsusedtobuildorrepairautomobilesToolsusedtobuildfurnitureOfficebuildings,schools,etcPhysicalcapitalisaproducedfactorofproductionItisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess©ThomsonSouthWesternHowProductivityIsDeterminedHumancapitalperworkeristheeconomist’stermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperienceLikephysicalcapital,humancapitalraisesanation’sabilitytoproducegoodsandservices©ThomsonSouthWesternHowProductivityIsDeterminedNaturalresourcesareinputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldepositsRenewableresourcesincludetreesandforestsNonrenewableresourcesincludepetroleumandcoalNaturalresourcescanbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices©ThomsonSouthWesternHowProductivityIsDeterminedTechnologicalknowledgeincludessociety’sunderstandingofthebestwaystoproducegoodsandservicesHumancapitalincludestheresourcesexpendedtransmittingthisunderstandingtothelaborforce©ThomsonSouthWesternFYI:TheProductionFunctionEconomistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction©ThomsonSouthWesternFYI:TheProductionFunctionY=AF(L,K,H,N)Y=quantityofoutputA=availableproductiontechnologyL=quantityoflaborK=quantityofphysicalcapitalH=quantityofhumancapitalN=quantityofnaturalresourcesF()isafunctionthatshowshowtheinputsarecombined©ThomsonSouthWesternFYI:TheProductionFunctionAproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell©ThomsonSouthWesternFYI:TheProductionFunctionProductionfunctionswithconstantreturnstoscalehaveaninterestingimplicationSettingx=L,YL=AF(,KL,HL,NL)Where:YL=outputperworkerKL=physicalcapitalperworkerHL=humancapitalperworkerNL=naturalresourcesperworker©ThomsonSouthWesternFYI:TheProductionFunctionTheprecedingequationsaysthatproductivity(YL)dependson:physicalcapitalperworker(KL),humancapitalperworker(HL),andnaturalresourcesperworker(NL),aswellasthestateoftechnology(A)©ThomsonSouthWesternWhichofthefollowingpoliciesdoyouthinkwouldbemosteffectiveatboostinggrowthandlivingstandardsinapoorcountryoverthelongrunoffertaxincentivesforinvestmentbyforeignfirmscrackdownongovernmentcorruptionrestrictimportstoprotectdomesticindustriesallowfreetrade©ThomsonSouthWesternECONOMICGROWTHANDPUBLICPOLICYGovernmentpoliciesthatraiseproductivityandlivingstandardsEncouragesavingandinvestmentEncourageinvestmentfromabroadEncourageeducationandtrainingEstablishsecurepropertyrightsandmaintainpoliticalstabilityPromotefreetradePromoteresearchanddevelopment©ThomsonSouthWesternNext,welookatthewayspublicpolicycanaffectlongrungrowthinproductivityandlivingstandards©ThomsonSouthWesternSavingandInvestmentOnewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital©ThomsonSouthWesternDiminishingReturnsandtheCatchUpEffectAsthestockofcapitalrises,theextraoutputproducedfromanadditionalunitofcapitalfallsthispropertyiscalleddiminishingreturnsBecauseofdiminishingreturns,anincreaseinthesavingrateleadstohighergrowthonlyforawhileInthelongrun,thehighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthintheseareas©ThomsonSouthWesternIllustratingtheProductionFunctionOutputperworkerCapitalperworker©ThomsonSouthWesternDiminishingReturnsandtheCatchUpEffectThecatchupeffectreferstothepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich©ThomsonSouthWesternTheProductionFunctionDiminishingReturnsIfworkershavelittleK,givingthemmoreincreasestheirproductivityalotIfworkersalreadyhavealotofK,givingthemmoreincreasesproductivityfairlylittle©ThomsonSouthWesternthepropertywherebypoorcountriestendtogrowmorerapidlythanrichonesThecatchupeffect:©ThomsonSouthWesternExampleoftheCatchUpEffectOver,theUSandSKoreadevotedasimilarshareofGDPtoinvestment,soyoumightexpecttheywouldhavesimilargrowthperformanceButgrowthwas>inKoreaandonlyintheUSExplanation:thecatchupeffectIn,KLwasfarsmallerinKoreathanintheUS,henceKoreagrewfaster©ThomsonSouthWesternInvestmentfromAbroadGovernmentscanincreasecapitalaccumulationandlongtermeconomicgrowthbyencouraginginvestmentfromforeignsourcesInvestmentfromabroadtakesseveralforms:ForeignDirectInvestmentCapitalinvestmentownedandoperatedbyaforeignentityForeignPortfolioInvestmentInvestmentsfinancedwithforeignmoneybutoperatedbydomesticresidents©ThomsonSouthWesternEducationForacountry’slongrungrowth,educationisatleastasimportantasinvestmentinphysicalcapitalThus,onewaythegovernmentcanenhancethestandardoflivingistoprovideschoolsandencouragethepopulationtotakeadvantageofthem©ThomsonSouthWesternEducationAneducatedpersonmightgeneratenewideasabouthowbesttoproducegoodsandservices,whichinturn,mightentersociety’spoolofknowledgeandprovideanexternalbenefittoothersOneproblemfacingsomepoorcountriesisthebraindraintheemigrationofmanyofthemosthighlyeducatedworkerstorichcountries©ThomsonSouthWesternHealthierworkersaremoreproductiveGoodinvestmentsinthehealthofthepopulationcanleadtoincreaselivingstandardsCountriescangetcaughtinaviciouscycleHealthandNutritionPeoplecannotaffordadequatehealthcareandnutritiousfoodPeoplearepoor©ThomsonSouthWesternHealthandNutritionIncountrieswithsignificantmalnourishment,raisingworkers’caloricintakeraisesproductivity:Over,caloricconsumptionroseinSKorea,andeconomicgrowthwasspectacularNobelwinnerRobertFogel:ofGreatBritain’sgrowthfromwasduetoimprovednutrition©ThomsonSouthWesternPropertyRightsandPoliticalStabilityPropertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyownAneconomywiderespectforpropertyrightsisanimportantprerequisiteforthepricesystemtoworkItisnecessaryforinvestorstofeelthattheirinvestmentsaresecure©ThomsonSouthWesternFreeTradeTradeis,insomeways,atypeoftechnologyAcountrythateliminatestraderestrictionswillexperiencethesamekindofeconomicgrowththatwouldoccurafteramajortechnologicaladvance©ThomsonSouthWesternFreeTradeSomecountriesengageininwardorientatedtradepolicies,avoidinginteractionwithothercountries(eg,tariffs,limitsoninvestmentfromabroad)aimtoraiselivingstandardsbyavoidinginteractionwithothercountriesoutwardorientatedtradepolicies,encouraginginteractionwithothercountries(eg,theeliminationofrestrictionsontradeorforeigninvestment)promoteintegrationwiththeworldeconomy©ThomsonSouthWesternResearchandDevelopmentTheadvanceoftechnologicalknowledgehasledtohigherstandardsoflivingMosttechnologicaladvancecomesfromprivateresearchbyfirmsandindividualinventorsGovernmentcanencouragethedevelopmentofnewtechnologiesthroughresearchgrants,taxbreaks,andthepatentsystem©ThomsonSouthWesternResearchandDevelopmentPoliciestopromotetechprogress:patentlawstaxincentivesordirectsupportforprivatesectorRDgrantsforbasicresearchatuniversities©ThomsonSouthWesternPopulationGrowthEconomistsandothersocialscientistshavelongdebatedhowpopulationgrowthaffectsasocietyPopulationgrowthinteractswithotherfactorsofproduction:StretchingnaturalresourcesDilutingthecapitalstockPromotingtechnologicalprogress©ThomsonSouthWesternPopulationGrowth…mayaffectlivingstandardsindifferentways:Stretchingnaturalresourcesyearsago,Malthusarguedthatpopgrowthwouldstrainsociety’sabilitytoprovideforitselfSincethen,theworldpopulationhasincreasedsixfoldIfMalthuswasright,livingstandardswouldhavefallenInstead,they’verisenMalthusfailedtoaccountfortechnologicalprogressandproductivitygrowth*©ThomsonSouthWesternPopulationGrowthDilutingthecapitalstockmorepopulation=higherL=lowerKL=lowerproductivitylivingstandardsThisappliestoHaswellasK:fastpopgrowth=morechildren=greaterstrainoneducationalsystemCountrieswithfastpopgrowthtendtohavelowereducationalattainment*©ThomsonSouthWesternPopulationGrowthTocombatthis,manydevelopingcountriesusepolicytocontrolpopulationgrowthChina’sonechildperfamilylawscontraceptioneducationavailabilitypromotefemaleliteracytoraiseopportunitycostofhavingbabiesDilutingthecapitalstock*©ThomsonSouthWesternPopulationGrowthPromotingtechprogressMorepeople=morescientists,inventors,engineers=morefrequentdiscoveries=fastertechprogresseconomicgrowthEvidencefromMichaelKremer:Overthecourseofhumanhistory,growthratesincreasedastheworld’spopulationincreasedmorepopulatedregionsgrewfasterthanlesspopulatedones*ThetextbookcitesresearchbyMichaelKremerpublishedintheQuarterlyJournalofEconomicsSummary©ThomsonSouthWesternEconomicprosperity,asmeasuredbyrealGDPperperson,variessubstantiallyaroundtheworldTheaverageincomeoftheworld’srichestcountriesismorethantentimesthatintheworld’spoorestcountriesThestandardoflivinginaneconomydependsontheeconomy’sabilitytoproducegoodsandservices*Summary©ThomsonSouthWesternProductivitydependsontheamountsofphysicalcapital,humancapital,naturalresources,andtechnologicalknowledgeavailabletoworkersGovernmentpoliciescaninfluencetheeconomy’sgrowthrateinmanydifferentways*Summary©ThomsonSouthWesternTheaccumulationofcapitalissubjecttodiminishingreturnsBecauseofdiminishingreturns,highersavingleadstoahighergrowthforaperiodoftime,butgrowthwilleventuallyslowdownAlsobecauseofdiminishingreturns,thereturntocapitalisespeciallyhighinpoorcountries**Asinpreviouschapters,“gs”isshortfor“goodsandservices”*Theprecedingdatagivesrisetotheseimportantquestions,whichthischapteraddressesnext*Asinpreviouschapters,“gs”isshortfor“goodsandservices”****ThetextbookcitesresearchbyMichaelKremerpublishedintheQuarterlyJournalofEconomics***

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