neoclassical endogenous growth Daron Acemoglu 经济增长导论课件.pdfVIP

14.452 Economic Growth: Lecture 8, Neoclassical Endogenous Growth Daron Acemoglu MIT November 19, 2009. Daron Acemoglu (MIT) Economic Growth Lecture 8 November 19, 2009. 1 / 47 First-Generation Models of Endogenous Growth Models so far: no sustained long-run growth; relatively little to say about sources of technology di§erences. Models in which technology evolves as a result of Örmsíand workersí decisions are most attractive in this regard. But sustained economic growth is possible in the neoclassical model as well: AK model before: relaxed Assumption 2 and prevented diminishing returns to capital. Capital accumulation could act as the engine of sustained economic growth. Neoclassical version of the AK model: Very tractable and applications in many areas. Shortcoming: capital is essentially the only factor of production, asymptotically share of income accruing to it tends to 1. Two-sector endogenous growth models behave very similarly to the baseline AK model, but avoid this. Daron Acemoglu (MIT) Economic Growth Lecture 8 November 19, 2009. 2 / 47 Demographics, Preferences and Technology I Focus on balanced economic growth, i.e. consistent with the Kaldor facts. Thus CRRA preferences as in the canonical neoclassical growth model. Economy admits an inÖnitely-lived representative household, household size growing at the exponential rate n. Preferences Z ∞ c t 1θ 1# ( ) U = exp ( (ρ n) t) dt . (1)