曼昆经济学原理宏观经济学分册英文原版专业知识讲座

ProductionandGrowthAcountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices.Withinacountrytherearelargechangesinthestandardoflivingovertime.IntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyabout2percentperyear.ProductionandGrowthProductivityreferstotheamountofgoodsandservicesproducedfromeachunitoflaborinput.Anation’sstandardoflivingisdeterminedlargelybytheproductivityofitsworkers.Table1TheVarietyofGrowthExperiencesECONOMICGROWTHAROUNDTHEWORLDLivingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnations.ThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecades.Annualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyears.Compoundingreferstotheaccumulationofagrowthrateoveraperiodoftime.Productivity:ItsRoleandDeterminantsWhyProductivityIsSoImportantProductivityplaysakeyroleindetermininglivingstandardsforallnationsintheworld.Tounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices.HowProductivityIsDeterminedTheinputsusedtoproducegoodsandservicesarecalledthefactorsofproduction.Thefactorsofproductioninclude:PhysicalcapitalHumancapitalNaturalresourcesTechnologicalknowledgeThefactorsofproductiondirectlydetermineproductivity.HowProductivityIsDeterminedPhysicalcapitalperworkeristhestockofequipmentandstructuresthatareusedtoproducegoodsandservices.Physicalcapitalincludes:Toolsusedtobuildorrepairautomobiles.Toolsusedtobuildfurniture.Officebuildings,schools,etc.Physicalcapitalisaproducedfactorofproduction.Itisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess.HowProductivityIsDeterminedHumancapitalperworkeristheeconomist’stermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience.Likephysicalcapital,humancapitalraisesanation’sabilitytoproducegoodsandservices.HowProductivityIsDeterminedNaturalresourcesareinputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.Renewableresourcesincludetreesandforests.Nonrenewableresourcesincludepetroleumandcoal.Naturalresourcescanbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices.HowProductivityIsDeterminedTechnologicalknowledgeincludessociety’sunderstandingofthebestwaystoproducegoodsandservices.Humancapitalincludestheresourcesexpendedtransmittingthisunderstandingtothelaborforce.FYI:TheProductionFunctionEconomistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.FYI:TheProductionFunctionY=AF(L,K,H,N)Y=quantityofoutputA=availableproductiontechnologyL=quantityoflaborK=quantityofphysicalcapitalH=quantityofhumancapitalN=quantityofnaturalresourcesF()isafunctionthatshowshowtheinputsarecombined.FYI:TheProductionFunctionAproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell.FYI:TheProductionFunctionProductionfunctionswithconstantreturnstoscalehaveaninterestingimplication.Settingx=1/L,Y/L=AF(1,K/L,H/L,N/L)Where:Y/L=outputperworkerK/L=physicalcapitalperworkerH/L=humancapitalperworkerN/L=naturalresourcesperworkerFYI:TheProductionFunctionTheprecedingequationsaysthatproductivity(Y/L)dependson:physicalcapitalperworker(K/L),humancapitalperworker(H/L),andnaturalresourcesperworker(N/L),aswellasthestateoftechnology(A).ECONOMICGROWTHANDPUBLICPOLICYGovernmentpoliciesthatraiseproductivityandlivingstandardsEncouragesavingandinvestment.Encourageinvestmentfromabroad.Encourageeducationandtraining.Establishsecurepropertyrightsandmaintainpoliticalstability.Promotefreetrade.Promoteresearchanddevelopment.SavingandInvestmentOnewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital.DiminishingReturnsandtheCatch-UpEffectAsthestockofcapitalrises,theextraoutputproducedfromanadditionalunitofcapitalfalls;thispropertyiscalleddiminishingreturns.Becauseofdiminishingreturns,anincreaseinthesavingrateleadstohighergrowthonlyforawhile.Inthelongrun,thehighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthintheseareas.IllustratingtheProductionFunctionOutputperworker11Capitalperworker1.Whentheeconomyhasalowlevelofcapital,anextraunitofcapitalleadstoalargeincreaseinoutput.2.Whentheeconomyhasahighlevelofcapital,anextraunitofcapitalleadstoasmallincreaseinoutput.DiminishingReturnsandtheCatch-UpEffectThecatch-upeffectreferstothepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.InvestmentfromAbroadGovernmentscanincreasecapitalaccumulationandlong-termeconomicgrowthbyencouraginginvestmentfromforeignsources.Investmentfromabroadtakesseveralforms:ForeignDirectInvestmentCapitalinvestmentownedandoperatedbyaforeignentity.ForeignPortfolioInvestmentInvestmentsfinancedwithforeignmoneybutoperatedbydomesticresidents.EducationForacountry’slong-rungrowth,educationisatleastasimportantasinvestmentinphysicalcapital.IntheUnitedStates,eachyearofschoolingraisesaperson’swage,onaverage,byabout10percent.Thus,onewaythegovernmentcanenhancethestandardoflivingistoprovideschoolsandencouragethepopulationtotakeadvantageofthem.EducationAneducatedpersonmightgeneratenewideasabouthowbesttoproducegoodsandservices,whichinturn,mightentersociety’spoolofknowledgeandprovideanexternalbenefittoothers.Oneproblemfacingsomepoorcountriesisthebraindrain—theemigrationofmanyofthemosthighlyeducatedworkerstorichcountries.Healthierworkersaremoreproductive.Goodinvestmentsinthehealthofthepopulationcanleadtoincreaselivingstandards.Countriescangetcaughtinaviciouscycle.HealthandNutritionPeoplecannotaffordadequatehealthcareandnutritiousfood.PeoplearepoorPropertyRightsandPoliticalStabilityPropertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyown.Aneconomy-widerespectforpropertyrightsisanimportantprerequisiteforthepricesystemtowork.Itisnecessaryforinvestorstofeelthattheirinvestmentsaresecure.FreeTradeTradeis,insomeways,atypeoftechnology.Acountrythateliminatestraderestrictionswillexperiencethesamekindofeconomicgrowththatwouldoccurafteramajortechnologicaladvance.FreeTradeSomecountriesengagein......inward-orientatedtradepolicies,avoidinginteractionwithothercountries....outward-orientatedtradepolicies,encouraginginteractionwithothercountries.ResearchandDevelopmentTheadvanceoftechnologicalknowledgehasledtohigherstandardsofliving.Mosttechnologicaladvancecomesfromprivateresearchbyfirmsandindividualinventors.Governmentcanencouragethedevelopmentofnewtechnologiesthroughresearchgrants,taxbreaks,