经济学专业英语教程（第四版-上）课件：Economic Growth

《经济学专业英语教程（第四版·上）》

Text:EconomicGrowth

（经济增长）1.Keywords2.Definitionofeconomicgrowth3.Thegrowthprocess:fromagriculturetoindustry4.Thesourcesofeconomicgrowth5.TranslatethefollowingintoChinese6.Questions1.KeywordseconomicgrowthIndustrialRevolutionruralareasbasicsubsistencegoodstechnicalchangecapitalaccumulationagrariansocietysoftdrinkaggregateproductionfunctionphysicalorhumancapitaldiminishingreturnsagriculturalproductivityon-the-jobtrainingsemi-conductortechnologycapital-savinginnovationpersonnelmanagementtechniques2.DefinitionofeconomicgrowthEconomicgrowthoccurswhenaneconomyexperiencesanincreaseintotaloutput.Economicgrowthoccurseitherwhen(1)societyacquiresmoreresources,or(2)societydiscoverswaysofusingavailableresourcesmoreefficiently.Foreconomicgrowthtoincreaselivingstandards,therateofgrowthmustexceedtherateofpopulationincrease.Thus,someeconomistsdefineeconomicgrowthasanincreaseinrealGDPpercapita.3.Thegrowthprocess:fromagriculturetoindustry3.1Fromagriculturetoindustry:theIndustrialRevolution3.2Growthinanindustrialsociety3.1Fromagriculturetoindustry:theIndustrialRevolutionBeforetheIndustrialRevolutioninGreatBritain,everysocietyintheworldwasagrarian.Townsandcitiesexistedhereandthere,butalmosteveryonelivedinruralareas.Peoplespentmostoftheirtimeproducingfoodandotherbasicsubsistencegoods.BeginninginEnglandaround1750,technicalchangeandcapitalaccumulationincreasedproductivitydramaticallyintwoveryimportantindustries:agricultureandtextiles.TheBritishturnedfromagriculturalproductiontoindustrialproduction.Growthmeantnewproducts,moreoutput,andwiderchoice.3.2GrowthinanindustrialsocietyTheprocessofeconomicgrowthinanindustrialsocietysuchastheUnitedStatesismorecomplex.Technologicalchange,innovation,andcapitalproduction(calculators,computers,andsoftware)haveincreasedproductivity.Ifadinerspendslessonaccounting,itssandwicheswillcostless.Sandwichbuyersthusmaygotoseeanothermovieorhaveanothersoda.Theentertainmentandsoftdrinksectorsexpand,andsoon.Thatiseconomicgrowth.4.Thesourcesofeconomicgrowth4.1Anincreaseinlaborsupply4.2Increasesinphysicalcapital4.3Increasesinhumancapital4.4Increasesinproductivity4.1AnincreaseinlaborsupplyAnincreasinglaborsupplycangeneratemoreoutput.Whetheroutputpercapitariseswhenthelaborsupplyincreasesisanothermatter.Ifthecapitalstockremainsfixedwhilelaborincreases,itislikelythatthenewlaborwillbelessproductivethantheoldlabor.Thisphenomenoniscalleddiminishingreturns.Diminishingreturnscanalsooccurifanation’scapitalstockgrowsmoreslowlythanitsworkforce.Capitalenhancesworkers’productivity.4.2IncreasesinphysicalcapitalAnincreaseinthestockofcapitalcanalsoincreaseoutput,evenifitisnotaccompaniedbyanincreaseinthelaborforce.Physicalcapitalbothenhancestheproductivityoflaborandprovidesvaluableservicesdirectly.4.3Increasesinhumancapital4.3.1Rolesofincreasesinhumancapital4.3.2Waysofincreasesinhumancapital4.3.1RolesofincreasesinhumancapitalInvestmentinhumancapitalisanimportantsourceofeconomicgrowth.Peopleingoodhealtharemoreproductivethanpeopleinpoorhealth.Peoplewithskillsaremoreproductivethanpeoplewithoutthem.4.3.2WaysofincreasesinhumancapitalIndividualscaninvestinthemselvesbygoingtocollegeorvocationaltrainingprograms.Firmscaninvestinhumancapitalthroughon-the-jobtraining.Thegovernmentinvestsinhumancapitalwithprogramstoimprovehealth,tounderwriteschooling,andtoprovidejobtraining.4.4Increasesinproductivity4.4.1Technologicalchange4.4.2Otheradvancesinknowledge4.4.3Economiesofscale4.4.1TechnologicalchangeTechnologicalchangeaffectsproductivityintwostages.First,thereisanadvanceinknowledge,oraninvention.Butknowledgebyitselfdoesnothingunlessitisused.Whennewknowledgeisusedtoproduceanewproductortoproduceanexistingproductmoreefficiently,thereisinnovation.Technologicalchangecannotbemeasureddirectly.4.4.2OtheradvancesinknowledgeOverandaboveinventionandinnovation,advancesinotherkindsofknowledgecanalsoimproveproductivity.Oneimportantcategoryofknowledgeiswhatwemightcall“managerialknowledge”,suchastrimminginventories,improvedpersonnelmanagementtechniques,andaccountingprocedures,datamanagement,whichmakeproductionmoreefficient,reducecosts,andincreasemeasuredproductivity.4.4.3EconomiesofscaleExternaleconomiesofscalearecostsavingsthatresultfromincreasesinthesizeofindustries.Theeconomiesthataccompanygrowthinsizemayarisefromavarietyofcauses.5.TranslatethefollowingintoChinese(1)However,theincreaseinrealoutputthatbeganintheWesternworldwiththeIndustrialRevolutionandcontinuestodayhasbeensosustainedandsorapidthateconomistshavegiventheperiodaspecialname:moderneconomicgrowth.(2)TheprocessofeconomicgrowthinanindustrialsocietysuchastheUnitedStatesismorecomplexbutfollowsthesamestepswehavejustdescribedforgrowthinanagrariansociety.(3)Withlandinstrictlylimitedsupply,theproductionpossibilityfrontiercouldbepushedoutonlysofaraspopulationincreased.(4)Itispreciselythisyieldintheformoffuturevaluableservicesthatprovidesbothprivateandpublicinvestorswiththeincentivetodevoteresourcestocapitalproduction.(5)Computertechnologyhasrevolutionizedtheoffice,hybridseedsh