经济学原理宏观经济学分册英文原版专家讲座

25ProductionandGrowth经济学原理宏观经济学分册英文原版专家讲座第1页ProductionandGrowthAcountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices.经济学原理宏观经济学分册英文原版专家讲座第2页ProductionandGrowthWithinacountrytherearelargechangesinthestandardoflivingovertime.经济学原理宏观经济学分册英文原版专家讲座第3页ProductionandGrowthIntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyabout2percentperyear.经济学原理宏观经济学分册英文原版专家讲座第4页ProductionandGrowthProductivityreferstotheamountofgoodsandservicesproducedforeachhourofaworker’stime.Anation’sstandardoflivingisdeterminedbytheproductivityofitsworkers.经济学原理宏观经济学分册英文原版专家讲座第5页Table1TheVarietyofGrowthExperiencesCopyright©South-Western经济学原理宏观经济学分册英文原版专家讲座第6页ECONOMICGROWTHAROUNDTHEWORLDLivingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnations.经济学原理宏观经济学分册英文原版专家讲座第7页ECONOMICGROWTHAROUNDTHEWORLDThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecades.经济学原理宏观经济学分册英文原版专家讲座第8页ECONOMICGROWTHAROUNDTHEWORLDAnnualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyears.Compoundingreferstotheaccumulationofagrowthrateoveraperiodoftime.经济学原理宏观经济学分册英文原版专家讲座第9页PRODUCTIVITY:ITSROLEANDDETERMINANTSProductivityplaysakeyroleindetermininglivingstandardsforallnationsintheworld.经济学原理宏观经济学分册英文原版专家讲座第10页WhyProductivityIsSoImportantProductivityreferstotheamountofgoodsandservicesthataworkercanproducefromeachhourofwork.经济学原理宏观经济学分册英文原版专家讲座第11页WhyProductivityIsSoImportantTounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices.经济学原理宏观经济学分册英文原版专家讲座第12页HowProductivityIsDeterminedTheinputsusedtoproducegoodsandservicesarecalledthefactorsofproduction.Thefactorsofproductiondirectlydetermineproductivity.经济学原理宏观经济学分册英文原版专家讲座第13页HowProductivityIsDeterminedTheFactorsofProductionPhysicalcapitalHumancapitalNaturalresourcesTechnologicalknowledge经济学原理宏观经济学分册英文原版专家讲座第14页HowProductivityIsDeterminedPhysicalCapitalisaproducedfactorofproduction.Itisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess.isthestockofequipmentandstructuresthatareusedtoproducegoodsandservices.Toolsusedtobuildorrepairautomobiles.Toolsusedtobuildfurniture.Officebuildings,schools,etc.经济学原理宏观经济学分册英文原版专家讲座第15页HowProductivityIsDeterminedHumanCapitaltheeconomist’stermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperienceLikephysicalcapital,humancapitalraisesanation’sabilitytoproducegoodsandservices.经济学原理宏观经济学分册英文原版专家讲座第16页HowProductivityIsDeterminedNaturalResourcesinputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.Renewableresourcesincludetreesandforests.Nonrenewableresourcesincludepetroleumandcoal.canbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices.经济学原理宏观经济学分册英文原版专家讲座第17页HowProductivityIsDeterminedTechnologicalKnowledgesociety’sunderstandingofthebestwaystoproducegoodsandservices.Humancapital

referstotheresourcesexpendedtransmittingthisunderstandingtothelaborforce.经济学原理宏观经济学分册英文原版专家讲座第18页FYI:TheProductionFunctionEconomistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.经济学原理宏观经济学分册英文原版专家讲座第19页FYI:TheProductionFunctionY=AF(L,K,H,N)Y=quantityofoutputA=availableproductiontechnologyL=quantityoflaborK=quantityofphysicalcapitalH=quantityofhumancapitalN=quantityofnaturalresourcesF()isafunctionthatshowshowtheinputsarecombined.经济学原理宏观经济学分册英文原版专家讲座第20页FYI:TheProductionFunctionAproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell.经济学原理宏观经济学分册英文原版专家讲座第21页FYI:TheProductionFunctionProductionfunctionswithconstantreturnstoscalehaveaninterestingimplication.Settingx=1/L,Y/L=AF(1,K/L,H/L,N/L)Where:Y/L=outputperworkerK/L=physicalcapitalperworkerH/L=humancapitalperworkerN/L=naturalresourcesperworker经济学原理宏观经济学分册英文原版专家讲座第22页FYI:TheProductionFunctionTheprecedingequationsaysthatproductivity(Y/L)dependsonphysicalcapitalperworker(K/L),humancapitalperworker(H/L),andnaturalresourcesperworker(N/L),aswellasthestateoftechnology,(A).经济学原理宏观经济学分册英文原版专家讲座第23页ECONOMICGROWTHANDPUBLICPOLICYGovernmentscandomanythingstoraiseproductivityandlivingstandards.经济学原理宏观经济学分册英文原版专家讲座第24页ECONOMICGROWTHANDPUBLICPOLICYGovernmentPoliciesThatRaiseProductivityandLivingStandardsEncouragesavingandinvestment.EncourageinvestmentfromabroadEncourageeducationandtraining.Establishsecurepropertyrightsandmaintainpoliticalstability.Promotefreetrade.Promoteresearchanddevelopment.经济学原理宏观经济学分册英文原版专家讲座第25页TheImportanceofSavingandInvestmentOnewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital.经济学原理宏观经济学分册英文原版专家讲座第26页Figure1GrowthandInvestmentCopyright©Southwestern/ThomsonLearning(a)

Growth

Rate

1960–1991(b)

Investment

1960–1991SouthKoreaSingaporeJapanIsraelCanadaBrazilWestGermanyMexicoUnitedKingdomNigeriaUnitedStatesIndiaBangladeshChileRwandaSouthKoreaSingaporeJapanIsraelCanadaBrazilWestGermanyMexicoUnitedKingdomNigeriaUnitedStatesIndiaBangladeshChileRwandaInvestment(percentofGDP)GrowthRate(percent)01234567010203040经济学原理宏观经济学分册英文原版专家讲座第27页DiminishingReturnsandtheCatch-UpEffectAsthestockofcapitalrises,theextraoutputproducedfromanadditionalunitofcapitalfalls;thispropertyiscalleddiminishingreturns.Becauseofdiminishingreturns,anincreaseinthesavingrateleadstohighergrowthonlyforawhile.经济学原理宏观经济学分册英文原版专家讲座第28页DiminishingReturnsandtheCatch-UpEffectInthelongrun,thehighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthintheseareas.经济学原理宏观经济学分册英文原版专家讲座第29页DiminishingReturnsandtheCatch-UpEffectThecatch-upeffectreferstothepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.经济学原理宏观经济学分册英文原版专家讲座第30页InvestmentfromAbroadGovernmentscanincreasecapitalaccumulationandlong-termeconomicgrowthbyencouraginginvestmentfromforeignsources.经济学原理宏观经济学分册英文原版专家讲座第31页InvestmentfromAbroadInvestmentfromabroadtakesseveralforms:ForeignDirectInvestmentCapitalinvestmentownedandoperatedbyaforeignentity.ForeignPortfolioInvestmentInvestmentsfinancedwithforeignmoneybutoperatedbydomesticresidents.经济学原理宏观经济学分册英文原版专家讲座第32页EducationForacountry’slong-rungrowth,educationisatleastasimportantasinvestmentinphysicalcapital.IntheUnitedStates,eachyearofschoolingraisesaperson’swage,onaverage,byabout10percent.Thus,onewaythegovernmentcanenhancethestandardoflivingistoprovideschoolsandencouragethepopulationtotakeadvantageofthem.经济学原理宏观经济学分册英文原版专家讲座第33页EducationAneducatedpersonmightgeneratenewideasabouthowbesttoproducegoodsandservices,whichinturn,mightentersociety’spoolofknowledgeandprovideanexternalbenefittoothers.经济学原理宏观经济学分册英文原版专家讲座第34页EducationOneproblemfacingsomepoorcountriesisthebraindrain—theemigrationofmanyofthemosthighlyeducatedworkerstorichcountries.经济学原理宏观经济学分册英文原版专家讲座第35页PropertyRightsandPoliticalStabilityPropertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyown.Aneconomy-widerespectforpropertyrightsisanimportantprerequisiteforthepricesystemtowork.Itisnecessaryforinvestorstofeelthattheirinvestmentsaresecure.经济学原理宏观经济学分册英文原版专家讲座第36页FreeTradeTradeis,insomeways,atypeoftechnology.Acountrythateliminatestraderestrictionswillexperiencethesamekindofeconomicgrowththatwouldoccurafteramajortechnologicaladvance.经济学原理宏观经济学分册英文原版专家讲座第37页FreeTradeSomecountriesengagein......inward-orientatedtradepolicies,avoidinginteractionwithothercountries....outward-orientatedtradepolicies,encouraginginteractionwithothercountries.经济学原理宏观经济学分册英文原版专家讲座第38页ResearchandDevelopmentTheadvanceoftechnologicalknowledgehasledtohigherstandardsofliving.Mosttechnologicaladvancecomesfromprivateresearchbyfirmsandindividualinventors.Governmentcanencouragethedevelopmentofnewtechnologiesthroughresearchgrants,taxbreaks,andthepatentsystem.经济学原理宏观经济学分册英文原版专家讲座第39页CASESTUDY:TheProductivitySlowdownandSpeedupFrom1959to1973productivitygrewatarateof3.2percentperyear.From1973to1995productivitygrewbyonly1.5percentperyear.Productivityacceleratedagainin1995,growingby2.6percentperyearonaverageduringthenextsixyears.经济学原理宏观经济学分册英文原版专家讲座第40页CASESTUDY:TheProductivitySlowdownandSpeedupThecausesofthechangesinproductivitygrowthareelusive.Theslowdowncannotbetracedtothefactorsofproductionthataremosteasilymeasured.Manyeconomistsattributetheslowdownandspeedupineconomicgrowthtochangesintechnologyandthecreationofnewideas.经济学原理宏观经济学分册英文原版专家讲座第41页Figure2TheGrowthinRealGDPPerPersonCopyright©Southwestern/ThomsonLearningGrowthRate(percentperyear)1.01.52.02.53.03.54.01870–18901890–19101910–19301930–19501950–19701970–19901990–0经济学原理宏观经济学分册英文原版专家讲座第42页PopulationGrowthEconomistsandothersocialscientistshavelongdebatedhowpopulationgrowthaffectsasociety经济学