Ebook Macroeconomics (7th edition): Part 2
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Ebook Macroeconomics (7th edition): Part 2
Find more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2has a straight-forward implication: Sustained growth requires technological progress. This chapter looks at the role of technological progress in growth.Section 12-1 looks at the respective role of technological progress and capital accumulation in growth. It shows how, in steady state, the rate of Ebook Macroeconomics (7th edition): Part 2growth of output per person is simply equal to the rate of technological progress. This does not mean, however, that the saving rate is irrelevant. ThEbook Macroeconomics (7th edition): Part 2
e saving rate affects the level of output per person but not its steady state rate of growth.Section 12-2 turns to the determinants of technological pFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2 achieve steady technological progress while others do not. In so doing, it looks at the role of institutions in sustaining growth.Section 12-4 returns to the facts of growth presented In Chapter 10 and interprets them in the light of what we have learned in this and the previous chapter.241Find mor Ebook Macroeconomics (7th edition): Part 2e at www.downloadslide.com12-1 Technological Progress and the Rateof GrowthIn an economy in which there Ls both capital accumulation and technologicalEbook Macroeconomics (7th edition): Part 2
progress, at what rate will output grow? To answer this question, we need to extend the model developed in Chapter I I to allow for technological proFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2oduction FunctionTechnological progress has many dimensions:The average number of Items carried by a supermarket increased from 2.200 in 1950 to 38,700 in 2010. To get a sense of what this means, see Robin ► Williams (who plays an immigrant from the Soviet Union) in the supermarket scene m the movie Ebook Macroeconomics (7th edition): Part 2 Moscow on the Hudson,■It can lead to larger quantities of output for given quantities of capital and labor. Think of a new type of lubricant that allEbook Macroeconomics (7th edition): Part 2
ows a machine to run at a higher speed and to Increase production.■Il can lead to better products. Think of the steady improvement in automobile safetFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2and high-definition television.■It can lead to a larger variety of products. Think of the steady increase in the number of breakfast cereals available at your local supermarket.These dimensions arc more similar than they appear. If we think of consumers as caring not about the goods themselves but a Ebook Macroeconomics (7th edition): Part 2bout the services these goods provide, then they all have something In common. In each case, consumers receive more services. A better car provides moEbook Macroeconomics (7th edition): Part 2
re safety, a new product such as an iPad or faster communication technology provides more communication services, and so on. If we think of output as Find more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2 forAs you saw in the Focus box “Real GDP. Technological Progress, and the Price of Comput-_,__ers* in Chapter 2, thinking of ► given amounts of capital and labor. We can then think of the state of technology as a products as providing a number of underlying services is the method used to construct Ebook Macroeconomics (7th edition): Part 2the price index ter computers.variable that tells US how much output can be produced from given amounts of capital and labor at any time. If we denoteEbook Macroeconomics (7th edition): Part 2
the state of technology by A. we can rewrite the production function asY = P(K.N.A)This Is our extended production function. Output depends on both cFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2 an improvement in to it later in the chapter.(he state of technology. A. leads to an increase in output.Il will be convenient to use a more restrictive form of the preceding equation, namelyY=F(K.AN)-12.1This equation states that production depends on capital and on labor multiplied by the state of Ebook Macroeconomics (7th edition): Part 2 technology. Introducing the Slate of technology' in this way makes It easier to think about the effect of technological progress on the relation betwEbook Macroeconomics (7th edition): Part 2
een output, capital, and labor. Equation (12.1) Implies that we can think of technological progress In two equivalent ways:■Technological progress redFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth h Ebook Macroeconomics (7th edition): Part 2ber of workers. N.■Technological progress increases the output that can be produced with a given number of workers. We can think of AN as the amount of effective labor in the242The Long RunThe CoreFind more at www.downloadslide.comeconomy. If the state of technology A doubles, it is as if the econom Ebook Macroeconomics (7th edition): Part 2y had twice as AN is also sometimes called many workers. In other words, we can think of output being produced by two fac- ◄ labor in efficiency unitsEbook Macroeconomics (7th edition): Part 2
. The tors: capital (K). and effective labor (.AX).What restrictions should we impose on the extended production function (12.1)?We can build directlyFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth hFind more at www.downloadslidiTechnological Progress and Growthhe conclusion in Chapter 11 that capital accumulation cannot by itself sustain growth hGọi ngay
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