[经济学]宏观经济学及习题第4章ppt课件

1、Important Concepts Compound interest 复利 Diminishing returns to capital 资本收益递减 Entrepreneur 企业家Chapter outline The sources of economic growth and rising living standards in the modern world Analyze each of there factors and discuss its implications for government policies to promote growthIntroductio

2、n “Which would you rather be? An ordinary, middleclass American living today, or the richest person in America at the time of George Washington? You can think of enormous change in the way average people live These changes are due in large part to scientific advances. New scientific knowledge leads

3、to widespread improvements in living standards only when it is commercially applied.the remarkable rise in living standards: the record Compound interest Why nations become rich: the crucial role of average labor productivityReal GDP per Person In Selected Countries, 1870-2003 (in 2000 U.S. Dollars)

4、CountryAustralia5,5127,2369,36917,670 28,3121.22.1Canada2,3285,5098,90619,882 29,2011.92.3France2,2914,4846,16418,26,1761.82.8Germany1,1522,2184,78517,222 25,2712.33.2Italy2,8524,0185,12816,912 25,4581.73.1Japan9311,7632,14116,329 26,6362.64.9United Kingdom3,892 5,9768,70916,557 26,8521.52.1United S

5、tates2,8876,85212,110 22,835 35,4881.92.0Annual % change 1950-2003Annual % change 1870-200318701913195019792003Real GDP per Person in Five Industrialized Countries, 1870 - 2003ObservationThe variety, quality, and quantity of goods and services increased enormously during the 19th and 20th centuries,

6、 as reflected in real per capita GDP.Real GDP per Person In Selected Countries, 1870-2000 (in 1995 U.S. Dollars)CountryAustralia5,6267,3859,56118,033 24,7081.11.9Canada2,4475,7919,36220,899 26,6041.82.1France2,2494,4016,04917,801 22,4471.82.6Germany1,2052,3205,00518,014 23,2472.33.1Italy2,2483,1674,

7、04213,331 21,9301.83.4Japan9631,8252,21616,899 24,7722.54.8United Kingdom3,500 5,3747,83214,889 21,1421.42.0United States 2,8436,74511,921 22,480 32,6291.92.0Annual % change 1950-2000Annual % change 1870-200018701913195019792000Observations1870: Australia had the highest per capital real GDP and Jap

8、an the lowest2000 real per capita GDP in Japan exceeded AustraliaNote the difference in the growth rate of 1.1% for Australia and 2.5% for JapanReal GDP per Person In Selected Countries, 1870-2003 (in 2000 U.S. Dollars)CountryAustralia5,5127,2369,36917,670 28,3121.22.1Canada2,3285,5098,90619,882 29,

9、2011.92.3France2,2914,4846,16418,26,1761.82.8Germany1,1522,2184,78517,222 25,2712.33.2Italy2,8524,0185,12816,912 25,4581.73.1Japan9311,7632,14116,329 26,6362.64.9United Kingdom3,892 5,9768,70916,557 26,8521.52.1United States2,8876,85212,110 22,835 35,4881.92.0Annual % change 1950-2003Annual % change

10、 1870-200318701913195019792003Observations2000 Real Per Capital GDP in Japan was greater than Australia2003 Australias Real Per Capita GDP was greater than JapanSmall changes in growth rates make a big difference Compound Interest The payment of interest not only on the original deposit but on all p

11、reviously accumulated interestWhy “Small Differences in Growth Rates MatterWhy “Small Differences in Growth Rates MatterCompound InterestSuppose:In 1800 $10 deposited 4% interestIn 2005 the account is worth $25,507.50$10 x (1.04)205 = $31,033.77Why “Small Differences in Growth Rates MatterInterest r

12、ate (%)Value of $10 after 205 years2$579.484$31,033.776$1,540,644.29ObservationsA small sum compounded over long periods can greatly increase in valueSmall differences in interest have a very large impact on valueCompound InterestEconomic growth rates are similar to compound interest rates.Governmen

13、t policies that affect the long-term growth rate by a small amount will have a major economic impact.Why Nations Become Rich: The Crucial Role of Average Labor ProductivityQuestionWhat determines a nations economic growth rate?Some definitions:Y = real GDPN = number of employed workersPOP = total po

14、pulation Real GDP Per PersonPOPNxNYPOPY Real GDP Per PersonPOPNxNYPOPYnObservationsnReal output/person depends on:nHow much each worker can produce.nThe percent of the population that is working.Real GDP per Person and Average Labor Productivity in the U.S., 1960 - 2004nReal GDP per person grew by 1

15、66% between 1960 and 2004Share of the U.S. Population Employed, 1960 - 2004nIncreases in both labor productivity and the working people contribute to this rise in living standard Why Nations Become Rich: The Crucial Role of Average Labor ProductivityWhat determines a nations economic growth rate?In

16、the long run, increases in output per person arise primarily from increases in average labor productivity.The Determinants of Average Labor ProductivityA. Human CapitalThe talents, education, training, and skills of workers Example Lucy and Ethel on the assembly line Lucy and Ethel wrap and box choc

17、olate candies.Lucy (a novice) wraps 100 candies/hr or 4,000/weekEthel (received on-the-job training) wraps 300/hr or 12,000/weekAverage labor productivity/week = 16,000/2 = 8,000/week or 16,000/80 hrs = 200 candies/hrEthel (with training) is more productive than LucyB. Physical CapitalWorker product

18、ivity depends not only on their skills (human capital) but on the tools (physical capital) they have to work with. ExampleLucy and Ethel get automatedCandy Co buys a candy-wrapping machine operated by one workerAn untrained worker using the machine can wrap 500 candies/hrLucy uses the machine and Et

19、hel wraps by handExampleLucys weekly output (40 hrs x 500) = 20,000 candiesEthels weekly output (40 hrs x 300) = 12,000 candiesTotal output = 32,000 candies/week or average labor productivity = 16,000 candies/week or32,000/80 hrs. = 400 candies/hr.Double the average productivity with the machineAver

20、age Labor Productivity and Capital per Worker in 15 Countries, 1990Capital, Output, and Productivity in the Candy-Wrapping Factory(1) Number of machines (capital)016,00080200132,00080400240,00080500340,00080500(2) Total number of candies wrapped each week (output)(3) Total hours worked per week(4) C

21、andies wrapped per hour worked (productivity)ObservationsFor a given number of workers, adding capital will generally increase output and average labor productivityThe more capital that is already in place, the smaller the benefits of adding extra capitalDiminishing Returns to CapitalIf the amount o

22、f labor and other inputs employed is held constant, then the greater the amount of capital already in use, the less an additional unit of capital adds to production.Physical CapitalPublic policy designed to stimulate growth should consider that:Increasing the amount of capital available to the workf

23、orce will tend to increase output and average labor productivity.The degree to which productivity can be increased by an expanding stock of capital is limited.C. Land and Other Natural ResourcesGenerally, an abundance of natural resources increases the productivity of workers.Resources can be obtain

24、ed through international markets.D. TechnologyNew technologies are the single most important source of productivity improvement.A new technology will expand the productivity in many sectors by stimulating greater specialization.E. Entrepreneurship and ManagementEntrepreneursPeople who create new eco

25、nomic enterprisesEntrepreneurship and ManagementFactors influencing entrepreneurshipTaxationRegulationSocial CustomsEntrepreneurship and ManagementManagement:Influence productivity by implementing more efficient methods of production.F. The Political and Legal EnvironmentEstablish:Well-defined prope

26、rty rightsMaintain political stabilityPromote free and open exchange of ideas.The Costs of Economic GrowthThe opportunity cost of increasing the production of capital goods is:Less consumer goods.Reduced leisure time, workers safety, and health.The cost of R & D.The cost of education (human capital). What Do You Think? Do the benefits of economic growth exceed the costs?.Promoting Economic Growth Policies to increase human capital Policies that promote saving and investment Policies that support research and development The legal and political frameworkWhy