武汉大学金融系各科教材初级宏观The Process of Economic Growth教学教案.pptVIP

Chapter 27 The Process of Economic Growth Output Determination in the Long-Run; 1. What is Economic Growth(568R-569R) Growth of total output Per capita growth Difference between growth and development;;; 3. Theories of Economic Growth (573L-579R) 3.1 Classical Theories Smith’s Golden Age: --Free Land, no Capital and Technological Change --Output grows with the growth of population --Real wage remains constant (no rent due to free land) Malthus’ Dismal Science --Fixed land and expanding population --Diminishing returns to labor input --Real wage stays in subsistence level;3.4 New Growth Theory: Inquire into Sources of Technological Progress (579L-R) In Neoclassical Model of economic growth, technological progress is exogenous. But NGT treats it endogenous. ------Technological progress is a produced factor ------The difference between rich countries and poor countries can be attributed to technological differences ------It is a public product or “non-rival” goods -------Inventions are expensive to produce but inexpensive to reproduce ------Public policy is needed to protect intellectual property right.;4. Growth Accounting (582R-583R) Measure contributions of different sources to growth;