Principles of Economic Growth
... more efficient work force. Need to provide primary and secondary education to all, especially females Need to provide tertiary education to a greatly increased number of people Need increased public commitment to education This requires both increased public expenditure on education and prob ...
... more efficient work force. Need to provide primary and secondary education to all, especially females Need to provide tertiary education to a greatly increased number of people Need increased public commitment to education This requires both increased public expenditure on education and prob ...
Growth versus development: different patterns of industrial growth in Latin America
... innovation, i.e. the expansion of the technological frontier, in developing countries it tends to rely more on changing the structure of production towards activities with higher levels of productivity and faster productivity growth. According to this view, changing the structure of production —i.e. ...
... innovation, i.e. the expansion of the technological frontier, in developing countries it tends to rely more on changing the structure of production towards activities with higher levels of productivity and faster productivity growth. According to this view, changing the structure of production —i.e. ...
Patterns of agricultural growth and overall growth in Uganda
... of Lewis (1954) and other subsequent researchers that include, Kuznets(1966,1971), Chenery and Syrquin(1975) and Lance Taylor(1969). These researchers showed that economic structure matters in the development process. Of relevance to this study, is a stylized fact that has been established by many r ...
... of Lewis (1954) and other subsequent researchers that include, Kuznets(1966,1971), Chenery and Syrquin(1975) and Lance Taylor(1969). These researchers showed that economic structure matters in the development process. Of relevance to this study, is a stylized fact that has been established by many r ...
PS11_ANSWERS
... (c) Draw a graph with real rate of interest measured along the vertical axis and saving and investment measured along the horizontal axis. S is represented by a vertical line at 100, and I is represented by a downward sloping line which intersects the vertical axis at r = 20% and the horizontal axis ...
... (c) Draw a graph with real rate of interest measured along the vertical axis and saving and investment measured along the horizontal axis. S is represented by a vertical line at 100, and I is represented by a downward sloping line which intersects the vertical axis at r = 20% and the horizontal axis ...
Stagnation Traps Gianluca Benigno and Luca Fornaro January 2015 Preliminary, comments welcome
... recoveries characterizing the US and the Euro area in the aftermath of the 2008 financial crisis. Indeed, all these episodes have been characterized by long-lasting slumps in the context of policy rates at, or close to, their zero lower bound, leaving little room for conventional monetary policy to ...
... recoveries characterizing the US and the Euro area in the aftermath of the 2008 financial crisis. Indeed, all these episodes have been characterized by long-lasting slumps in the context of policy rates at, or close to, their zero lower bound, leaving little room for conventional monetary policy to ...
Economic Growth
... noticeable about the path of c? Does there appear to be any tradeoff between current and future economic well-being? When k* < kg reaching the golden rule requires an initial reduction in consumption which will rise over time. ...
... noticeable about the path of c? Does there appear to be any tradeoff between current and future economic well-being? When k* < kg reaching the golden rule requires an initial reduction in consumption which will rise over time. ...
Economics R. Glenn Hubbard, Anthony Patrick O`Brien, 2e.
... What Determines How Fast Economies Grow? New Growth Theory New growth theory A model of long-run economic growth which emphasizes that technological change is influenced by economic incentives and so is determined by the working of the market system. Key determinant: Knowledge capital Physical capit ...
... What Determines How Fast Economies Grow? New Growth Theory New growth theory A model of long-run economic growth which emphasizes that technological change is influenced by economic incentives and so is determined by the working of the market system. Key determinant: Knowledge capital Physical capit ...
Document
... • Chief economic cost of unemployment is the opportunity cost of lost output – Goods and services the jobless would produce if they were working – But do not produce because they cannot find work ...
... • Chief economic cost of unemployment is the opportunity cost of lost output – Goods and services the jobless would produce if they were working – But do not produce because they cannot find work ...
Miracle Growth in Japan: Its Crucial Significance for the Economics
... the Heartland during the Cold War. In point of fact the Soviet Union enjoyed a huge military advantage over its most important adversary the United States that lay far removed from the World-Island by two vast oceans, the Atlantic and the Pacific. In short, the potential cost of exerting military fo ...
... the Heartland during the Cold War. In point of fact the Soviet Union enjoyed a huge military advantage over its most important adversary the United States that lay far removed from the World-Island by two vast oceans, the Atlantic and the Pacific. In short, the potential cost of exerting military fo ...
LarrySummers Central Bank of Chile
... changed that should not have been expected to be constant. That there are a variety of trends that are evolving that have led to lower real rates with the right presumption being that that will continue to be the case for quite some time to come. There are, I think, two primary alternatives to this ...
... changed that should not have been expected to be constant. That there are a variety of trends that are evolving that have led to lower real rates with the right presumption being that that will continue to be the case for quite some time to come. There are, I think, two primary alternatives to this ...
A Perspective on the Growth Process in India and China
... the growth rate of labour productivity, necessarily increases the share of economic surplus in the economy. An increase in inequality in other words is built into the system. Moreover, since those subsisting on economic surplus tend to demand newer goods which are in vogue in the metropolis, and whi ...
... the growth rate of labour productivity, necessarily increases the share of economic surplus in the economy. An increase in inequality in other words is built into the system. Moreover, since those subsisting on economic surplus tend to demand newer goods which are in vogue in the metropolis, and whi ...
Official PDF , 7 pages
... growth rates have been higher than normal and recovery on key education and health indicators has been possible. Aid also has been super-effective in promoting recovery, not only by financing physical infrastructure but also by helping in the monetary reconstruction of postconflict economies. Howeve ...
... growth rates have been higher than normal and recovery on key education and health indicators has been possible. Aid also has been super-effective in promoting recovery, not only by financing physical infrastructure but also by helping in the monetary reconstruction of postconflict economies. Howeve ...
Stimulating Growth and Employment in the EU: What is the
... uniform social and economic policies with large scale transfer of income to help poorer member states to compete with high social costs Systems that generate sufficient high wage/high productivity jobs to finance high social welfare benefits A very difficult project to create, implement and sustain ...
... uniform social and economic policies with large scale transfer of income to help poorer member states to compete with high social costs Systems that generate sufficient high wage/high productivity jobs to finance high social welfare benefits A very difficult project to create, implement and sustain ...
What Went Wrong in Ireland?
... in Ireland peaked in late 2006. Loan demand slowed and construction – which had employed over 13 per cent of the workforce – began to contract. At first, the banks were relatively unconcerned, their share prices peaked in February 2007, but remained high through the remainder of that year. Although ...
... in Ireland peaked in late 2006. Loan demand slowed and construction – which had employed over 13 per cent of the workforce – began to contract. At first, the banks were relatively unconcerned, their share prices peaked in February 2007, but remained high through the remainder of that year. Although ...
Macroeconomic Fluctuations in the UK Economy
... What are the facts about business cycles Before the real business cycle models can be tested, we must know precisely what they are meant to explain. Following Prescott (1986), advocates of real business cycle models have defined the explanandum of business cycles. Business cycle theory has tradition ...
... What are the facts about business cycles Before the real business cycle models can be tested, we must know precisely what they are meant to explain. Following Prescott (1986), advocates of real business cycle models have defined the explanandum of business cycles. Business cycle theory has tradition ...
Modeling with Limited Data: Estimating Potential Growth in
... and lower-income economies. This is hardly surprising, since long-term potential growth is not only the core objective of development policy, but is also a key anchor of economic stability. However, applying standard quantitative methods to estimate potential output in lower-income economies is subj ...
... and lower-income economies. This is hardly surprising, since long-term potential growth is not only the core objective of development policy, but is also a key anchor of economic stability. However, applying standard quantitative methods to estimate potential output in lower-income economies is subj ...
economic developments in 2014
... The global economy expanded at a moderate pace in 2014, with uneven growth across and within regions. In the advanced economies, while growth in the US continued to show broader signs of improvement, economic activity in the euro area and Japan remained subdued. In Asia, most economies benefitted fr ...
... The global economy expanded at a moderate pace in 2014, with uneven growth across and within regions. In the advanced economies, while growth in the US continued to show broader signs of improvement, economic activity in the euro area and Japan remained subdued. In Asia, most economies benefitted fr ...
the business cycle
... Unemployment Definition: The inability of labor-force participants to find jobs. 4. Headline: “How unemployment affects the family” (Social costs) The chart shows how unemployment increases family stress, postpones ...
... Unemployment Definition: The inability of labor-force participants to find jobs. 4. Headline: “How unemployment affects the family” (Social costs) The chart shows how unemployment increases family stress, postpones ...
This PDF is a selection from a published volume from... Bureau of Economic Research
... gross investment than this serves to achieve a fruitful updating of embodied technology.5 The power of policies which increase the gross investment rate certainly depends on the answers to questions such as these. As another example, there is still some uncertainty with respect to the elasticity of ...
... gross investment than this serves to achieve a fruitful updating of embodied technology.5 The power of policies which increase the gross investment rate certainly depends on the answers to questions such as these. As another example, there is still some uncertainty with respect to the elasticity of ...
Transformation in economics
Transformation in economics refers to a long-term change in dominant economic activity in terms of prevailing relative engagement or employment of able individuals.Human economic systems undergo a number of deviations and departures from the ""normal"" state, trend or development. Among them are Disturbance (short-term disruption, temporary disorder), Perturbation (persistent or repeated divergence, predicament, decline or crisis), Deformation (damage, regime change, loss of self-sustainability, distortion), Transformation (long-term change, restructuring, conversion, new “normal”) and Renewal (rebirth, transmutation, corso-ricorso, renaissance, new beginning).Transformation is a unidirectional and irreversible change in dominant human economic activity (economic sector). Such change is driven by slower or faster continuous improvement in sector productivity growth rate. Productivity growth itself is fueled by advances in technology, inflow of useful innovations, accumulated practical knowledge and experience, levels of education, viability of institutions, quality of decision making and organized human effort. Individual sector transformations are the outcomes of human socio-economic evolution.Human economic activity has so far undergone at least four fundamental transformations:From nomadic hunting and gathering (H/G) to localized agricultureFrom localized agriculture (A) to internationalized industryFrom international industry (I) to global servicesFrom global services (S) to public sector (including government, welfare and unemployment, GWU)This evolution naturally proceeds from securing necessary food, through producing useful things, to providing helpful services, both private and public (See H/G→A→I→S→GWU sequence in Fig. 1). Accelerating productivity growth rates speed up the transformations, from millennia, through centuries, to decades of the recent era. It is this acceleration which makes transformation relevant economic category of today, more fundamental in its impact than any recession, crisis or depression. The evolution of four forms of capital (Indicated in Fig. 1) accompanies all economic transformations.Transformation is quite different from accompanying cyclical recessions and crises, despite the similarity of manifested phenomena (unemployment, technology shifts, socio-political discontent, bankruptcies, etc.). However, the tools and interventions used to combat crisis are clearly ineffective for coping with non-cyclical transformations. The problem is whether we face a mere crisis or a fundamental transformation (globalization→relocalization).