导图社区 Chapter 12
ECON 2012,主要包含Production、 Growth、Goverment policy等内容。
编辑于2024-04-20 10:51:48Chapter 12
Production
quantity produced from each unit of labor input
more productive--large real GDP/high income
how to detemined
(physical) capital
eqipment and structure
human capital
knowledge ans skill
natural resources
input into the production provided by nature
renewable resources
nonrenewable resources: crude oil, minerals
lead to variety of living standard but not necessary to guarantee a higher productivity
technological knowledge
soiciety's understandings of the best ways to produce
a lure鱼饵 is invited byxxx
common knowledge
proprietary
Production function
Y=A × F(L,K,H,N)
A:科技水平
L: Labor数量
K: Physical capital
H: Human capital
N; natural resources
constant return to scale
xY=A × F(xL, xK, xH, xN)
整体除以labor
The catch up effect
shown as aspital, productivity,income rise
Growth
a society's standard of living depends on
ability to produce goods and servises depends on
physical capital per worker
human capital per worker
natural resources per worker
technological knowledge
Goverment policy
1 saving and investment
invest more current resources inthe production of capital(将更多现在资源投入资本生产)
devote less resources for current consumption(少投入于消费)
Trade-off sacrifice current consumption to increase future consumption
Higher saving rate
more resources to make capital goods(资本品??去查)
capital stock increases--------long term economic growth
2 investment from abroad
domestic saving and foreign investment increase capital stock
foreigners' investment includes
Foreign derect in vestment(owned and operated by foreign entity(完全外国拥有和经营)
Foreign portfolio investment
Financed wirh foreign money but operated by domestic residents(外国提供资金,本国居民经营)
benefits
some benefits flow back to foreign capital owners
increase the economy's stock of capital
higher productivity and higher wages
state-of-the-art technologies先进技术 developed in other countries
especially good for poor countries(cannot generate enough saving to fund invesetment projects themselves)
World Bank & IMF
TO achieve common goal of promotinf economic prosperity in developing nations目标:实现发展中国家经济繁荣
encourages flow of capital to poor countries
funds from world's advanced countries
make loans to less developed countries
3 education
human capital
opportunity cost: wages forgone放弃的工资
conveys positive ecternalities正外部性
PROBLEM: Brain drain: emigration of most educated workers to rich countries
4 health and nutrition
investment in human capital
raising caloric intake raises productivity
height---an indicator of productivity
5 property rights and political stability
protect property right
court, justice system, national guards enforce property rights
promote political stability
6 free trade
Inward-oriented policies
aim to raise living standards by avoiding interaction with other countries
Outward-oriented policies
promote integration with the world economy(elimination of restrictions of foreign)
trade has similar effects as discovering new technologies(improving productivity and living standards)
7 Research and development
technoligical progress----main reason of living standard raises
knowledge----public good
policies to promote technological progress
8 population growth
large population
more workers----larger total output
more consumers
effects
stretching natural resources
Mlathus argued the population growth will
strain society's ability to provide for itself
doomed to forever live in poverty(人们永远生活在贫困中)
failed to account for technological progress and productivity growth没考虑技术进步和生产力增长
diluting the capital stock 稀释股本
higher L, lower K/L-------lower productivity & living standards
developing countries
reducing population growth rate help improving living standards
promoting technological progress
engine for advance
michael kremer human history
growth rates increase as the world's population growth
more populated regions grew faster than ;ess populated ones
Diminishing Returns
the marginal product declines as the quantity of that input increases