曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件 25.ppt

,2007ThomsonSouth-Western,ProductionandGrowth,Acountrysstandardoflivingdependsonitsabilitytoproducegoodsandservices.Withinacountrytherearelargechangesinthestandardoflivingovertime.IntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyabout2percentperyear.,ProductionandGrowth,Productivityreferstotheamountofgoodsandservicesproducedfromeachunitoflaborinput.Anationsstandardoflivingisdeterminedlargelybytheproductivityofitsworkers.,Table1TheVarietyofGrowthExperiences,ECONOMICGROWTHAROUNDTHEWORLD,Livingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnations.ThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecades.Annualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyears.Compoundingreferstotheaccumulationofagrowthrateoveraperiodoftime.,Productivity:ItsRoleandDeterminants,WhyProductivityIsSoImportantProductivityplaysakeyroleindetermininglivingstandardsforallnationsintheworld.Tounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices.,HowProductivityIsDetermined,Theinputsusedtoproducegoodsandservicesarecalledthefactorsofproduction.Thefactorsofproductioninclude:PhysicalcapitalHumancapitalNaturalresourcesTechnologicalknowledgeThefactorsofproductiondirectlydetermineproductivity.,HowProductivityIsDetermined,Physicalcapitalperworkeristhestockofequipmentandstructuresthatareusedtoproducegoodsandservices.Physicalcapitalincludes:Toolsusedtobuildorrepairautomobiles.Toolsusedtobuildfurniture.Officebuildings,schools,etc.Physicalcapitalisaproducedfactorofproduction.Itisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess.,HowProductivityIsDetermined,Humancapitalperworkeristheeconomiststermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience.Likephysicalcapital,humancapitalraisesanationsabilitytoproducegoodsandservices.,HowProductivityIsDetermined,Naturalresourcesareinputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.Renewableresourcesincludetreesandforests.Nonrenewableresourcesincludepetroleumandcoal.Naturalresourcescanbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices.,HowProductivityIsDetermined,Technologicalknowledgeincludessocietysunderstandingofthebestwaystoproducegoodsandservices.Humancapitalincludestheresourcesexpendedtransmittingthisunderstandingtothelaborforce.,FYI:TheProductionFunction,Economistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.,FYI:TheProductionFunction,Y=AF(L,K,H,N)Y=quantityofoutputA=availableproductiontechnologyL=quantityoflaborK=quantityofphysicalcapitalH=quantityofhumancapitalN=quantityofnaturalresourcesF()isafunctionthatshowshowtheinputsarecombined.,FYI:TheProductionFunction,Aproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell.,FYI:TheProductionFunction,Productionfunctionswithconstantreturnstoscalehaveaninterestingimplication.Settingx=1/L,Y/L=AF(1,K/L,H/L,N/L)Where:Y/L=outputperworkerK/L=physicalcapitalperworkerH/L=humancapitalperworkerN/L=naturalresourcesperworker,FYI:TheProductionFunction,Theprecedingequationsaysthatproductivity(Y/L)dependson:physicalcapitalperworker(K/L),humancapitalperworker(H/L),andnaturalresourcesperworker(N/L),aswellasthestateoftechnology(A).,ECONOMICGROWTHANDPUBLICPOLICY,GovernmentpoliciesthatraiseproductivityandlivingstandardsEncouragesavingandinvestment.Encourageinvestmentfromabroad.Encourageeducationandtraining.Establishsecurepropertyrightsandmaintainpoliticalstability.Promotefreetrade.Promoteresearchanddevelopment.,SavingandInvestment,Onewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital.,DiminishingReturnsandtheCatch-UpEffect,Asthestockofcapitalrises,theextraoutputproducedfromanadditionalunitofcapitalfalls;thispropertyiscalleddiminishingreturns.Becauseofdiminishingreturns,anincreaseinthesavingrateleadstohighergrowthonlyforawhile.Inthelongrun,thehighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthintheseareas.,IllustratingtheProductionFunction,Output,perworker,1,1,Capitalper,worker,DiminishingReturnsandtheCatch-UpEffect,Thecatch-upeffectreferstothepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.,InvestmentfromAbroad,Governmentscanincreasecapitalaccumulationandlong-termeconomicgrowthbyencouraginginvestmentfromforeignsources.Investmentfromabroadtakesseveralforms:ForeignDirectInvestmentCapitalinvestmentownedandoperatedbyaforeignentity.ForeignPortfolioInvestmentInvestmentsfinancedwithforeignmoneybutoperatedbydomesticresidents.,Education,Foracountryslong-rungrowth,educationisatleastasimportantasinvestmentinphysicalcapital.IntheUnitedStates,eachyearofschoolingraisesapersonswage,onaverage,byabout10percent.Thus,onewaythegovernmentcanenhancethestandardoflivingistoprovideschoolsandencouragethepopulationtotakeadvantageofthem.,Education,Aneducatedpersonmightgeneratenewideasabouthowbesttoproducegoodsandservices,whichinturn,mightentersocietyspoolofknowledgeandprovideanexternalbenefittoothers.Oneproblemfacingsomepoorcountriesisthebraindraintheemigrationofmanyofthemosthighlyeducatedworkerstorichcountries.,Healthierworkersaremoreproductive.Goodinvestmentsinthehealthofthepopulationcanleadtoincreaselivingstandards.Countriescangetcaughtinaviciouscycle.,HealthandNutrition,Peoplecannotaffordadequatehealthcareandnutritiousfood.,Peoplearepoor,PropertyRightsandPoliticalStability,Propertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyown.Aneconomy-widerespectforpropertyrightsisanimportantprerequisiteforthepricesystemtowork.Itisnecessaryforinvestorstofeelthattheirinvestmentsaresecure.,FreeTrade,Tradeis,insomeways,atypeoftechnology.Acountrythateliminatestraderestrictionswillexperiencethesamekindofeconomicgrowththatwouldoccurafteramajortechnologicaladvance.,FreeTrade,Somecountriesengagein.inward-orientatedtradepolicies,avoidinginteractionwithothercountries.outward-orientatedtradepolicies,encouraginginteractionwithothercountries.,ResearchandDevelopment,Theadvanceoftechnologicalknowledgehasledtohigherstandardsofliving.Mosttechnologicaladvancecomesfromprivateresearchbyfirmsandindividualinventors.Governmentcanencouragethedevelopmentofnewtechnologiesthroughresearchgrants,taxbreaks,andthepatentsystem.,PopulationGrowth,Economistsandothersocialscientistshavelongdebatedhowpopulationgrowthaffectsasociety.Populationgrowthinteractswithotherfactorsofproduction:StretchingnaturalresourcesDilutingthec