Ebook Macroeconomics - A european perspective: Part 2
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Ebook Macroeconomics - A european perspective: Part 2
WWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2th has a straightforward implication: sustained growth requires technological progress. This chapter looks at the role of technological progress in growth:•Section 13.1 looks at the respective role of technological progress and capital accumulation in growth. It shows how, in steady state, the rate Ebook Macroeconomics - A european perspective: Part 2of growth of output per person is simply equal to the rate of technological progress. This does not mean, however, that the saving rate is irrelevant.Ebook Macroeconomics - A european perspective: Part 2
The saving rate affects the level of output per person - but not its rate of growth.•Section 13.2 turns to the determinants of technological progressWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2rets them in the light of what we have learned in this and the previous chapter.www.downloadslide.axnCHAPTER 13 TECHNOLOGICAL HHLXaKt&b ANU UMJWIH ZD»13.1 TECHNOLOGICAL PROGRESS AND THE RATE OF GROWTHIn an economy in which there is both capital accumulation and technological progress, at what rate w Ebook Macroeconomics - A european perspective: Part 2ill output grow? To answer this question, we need to extend the model developed in Chapter 12 to allow for technological progress. To introduce technoEbook Macroeconomics - A european perspective: Part 2
logical progress into the picture, we must first revisit the aggregate production function.Technological progress and the production functionTechnologWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2cant that allows a machine to run at a higher speed and so produce more.•It can lead to better products. Think of the steady improvement in car safety and comfort over time.It can lead to new products. Think of the introductions of CD players, fax machines. < The average number of items carried mobi Ebook Macroeconomics - A european perspective: Part 2le phones and flat screen monitors.It can lead to a larger variety of products. Think of the steady increase in the number of breakfast cereals availaEbook Macroeconomics - A european perspective: Part 2
ble at your local supermarket.by a supermarket increased from 2200 in 1950 to 45 500 in 2005 in the USA To get a sense of what this means, see Robin WWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2n they appear. If we think of consumers as caring not about the goods themselves but about the services these goods provide, then they all have something in common: in each case, consumers receive more services. A better car provides more safety, a new product such as a fax machine or a new service Ebook Macroeconomics - A european perspective: Part 2such as the Internetprovides more information services and so on. If we think of output as the set of underlying senices provided by the goods produceEbook Macroeconomics - A european perspective: Part 2
d in the economy, we can think of technological progress as leading to increases in output for given amounts of capital and labour. We < As you saw inWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2nee produced from given amounts of capital and labour at any time. If we denote the state of °* “"J"**’’2.'technology by A. we can rewrite the production function as“Y=F(.K,N,A)used to construct the price index for computers.This is our extended production function. Output depends on both capital an Ebook Macroeconomics - A european perspective: Part 2d labour. K and < For simplicity, we ignore human capital N, and on the state of technology, A: given capital and labour, an improvement in the stateEbook Macroeconomics - A european perspective: Part 2
tore. We return to it later in the of technology, A, leads to an increase in output.chapterIt will be convenient to use a more restrictive form of theWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2technolog)'. Introducing the state of technolog)' in this way makes it easier to think about the effect of technological progress on the relation between output, capital and labour. Equation (13.1) implies that we can think of technological progress in two equivalent ways:• Technological progress re Ebook Macroeconomics - A european perspective: Part 2duces the number of workers needed to produce a given amount of output. Doubling A produces the same quantity of output with only half theoriginal numEbook Macroeconomics - A european perspective: Part 2
ber 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 WWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growt Ebook Macroeconomics - A european perspective: Part 2 think of output being produced by two factors: capital, K, and effective labour, AN.AN Is also sometimes called labour in efficiency units. The use of 'efficiency' for 'efficiency units' here and for 'efficiency wages' In Chapter 7 Is a coincidence, the two notions are unrelated.www.downloadslide c Ebook Macroeconomics - A european perspective: Part 2om270 THE CORE THE LONG RUNWhat restrictions should we impose on the extended production function (13.1)? We can build directly here on our discussionEbook Macroeconomics - A european perspective: Part 2
in Chapter 11.Again, it is reasonable to assume constant returns to scale: for a given stare of technology, A, doubling both the amount of capital, KWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growtWWW downloadslide comChapter 1 3TECHNOLOGICAL PROGRESS AND GROWTHOur conclusion in Chapter 12 that capital accumulation cannot by itself sustain growtGọi ngay
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