Robert Barro`s remarks
... is that we learn more about this issue from the determinants-of-growth literature than from business-cycle analyses, which stress aggregate demand. Elements that have been found empirically to encourage economic growth (over periods of 5 or 10 years) include strong rule of law and property rights, f ...
... is that we learn more about this issue from the determinants-of-growth literature than from business-cycle analyses, which stress aggregate demand. Elements that have been found empirically to encourage economic growth (over periods of 5 or 10 years) include strong rule of law and property rights, f ...
AP Macro - Sect. 7 PP no bkgd
... Total Factor Productivity Amount of output that can be achieved with a given amount of factor inputs - with no increase in capital, technological advances would then be necessary for economic growth Natural Resources Natural resources are also an important factor in determining economic growth - cou ...
... Total Factor Productivity Amount of output that can be achieved with a given amount of factor inputs - with no increase in capital, technological advances would then be necessary for economic growth Natural Resources Natural resources are also an important factor in determining economic growth - cou ...
Ch17
... that was largely generated by escalating oil prices – High inflation rates persisted until early 1980s, when Federal Reserve engaged in contractionary monetary policy ...
... that was largely generated by escalating oil prices – High inflation rates persisted until early 1980s, when Federal Reserve engaged in contractionary monetary policy ...
166_solow-handout
... grows at some constant rate g. This is called labor augmenting technological progress labor force grows@ n and efficiency increases @g therefore the increase in no. of effective workers is by n+g BALANCED GROWTH Technological progress causes the values of many variables to rise together in steady st ...
... grows at some constant rate g. This is called labor augmenting technological progress labor force grows@ n and efficiency increases @g therefore the increase in no. of effective workers is by n+g BALANCED GROWTH Technological progress causes the values of many variables to rise together in steady st ...
PANEL DISCUSSION TRENDS IN PRODUCTIVITY GROWTH Martin Neil gaily*
... recent years because of the slowing increase in female participation in the work force and the continued decline in male participation. In addition, the baby boom generation has moved into the work force and now begins to approach retirement. The second element in potential growth is productivity. T ...
... recent years because of the slowing increase in female participation in the work force and the continued decline in male participation. In addition, the baby boom generation has moved into the work force and now begins to approach retirement. The second element in potential growth is productivity. T ...
Macro - Cobb Learning
... income and is the total market value, measured in dollars, of all goods and services produced within a country’s borders in one year. *Inflation: This is calculated using the Consumer Price Index (CPI). It compares the price of a standard group of goods called a “market basket” to the price of the s ...
... income and is the total market value, measured in dollars, of all goods and services produced within a country’s borders in one year. *Inflation: This is calculated using the Consumer Price Index (CPI). It compares the price of a standard group of goods called a “market basket” to the price of the s ...
Document
... • Sustainable development = sustainable consumption + highlevel of human development • Transition from the industrial growth model to a green growth model is necessary • Green technologies/eco-innovations play important role ...
... • Sustainable development = sustainable consumption + highlevel of human development • Transition from the industrial growth model to a green growth model is necessary • Green technologies/eco-innovations play important role ...
Alan Greenspan: The wealth of nations revisited
... While, from a global perspective, wealth and the overall quality of life have risen, that success has not been evenly distributed across regions or countries. The economies of East Asia are often-repeated success stories. Some, including China, Malaysia, South Korea, and Thailand, stand out not onl ...
... While, from a global perspective, wealth and the overall quality of life have risen, that success has not been evenly distributed across regions or countries. The economies of East Asia are often-repeated success stories. Some, including China, Malaysia, South Korea, and Thailand, stand out not onl ...
Human Capital
... 25.3.2 Diminishing Returns and the Catch-Up Effect • As the stock of capital rises, the extra output produced from an additional unit of capital falls; this property is called diminishing returns. • Because of diminishing returns, an increase in the saving rate leads to higher growth only for a whi ...
... 25.3.2 Diminishing Returns and the Catch-Up Effect • As the stock of capital rises, the extra output produced from an additional unit of capital falls; this property is called diminishing returns. • Because of diminishing returns, an increase in the saving rate leads to higher growth only for a whi ...
Theories
... However, borrowing from overseas to fill the gap caused causes debt repayment problems later. ...
... However, borrowing from overseas to fill the gap caused causes debt repayment problems later. ...
Suggestion of solution
... C) Inequality may be beneficial for growth in early stages of development, but may be harmful for growth at later stages of development The unified theory of inequality and growth (Galor and Moav 2004): The effect of inequality on growth depends on the relative return to physical and human capital. ...
... C) Inequality may be beneficial for growth in early stages of development, but may be harmful for growth at later stages of development The unified theory of inequality and growth (Galor and Moav 2004): The effect of inequality on growth depends on the relative return to physical and human capital. ...
CHPATER 8: TEST BANK
... many poor people and poor countries from purchasing food (there is plenty of food available on the worldwide basis). 4. Land reform is difficult to achieve, in part because larger landowners tend to be politically powerful. Some countries have found success by developing new land or by the governmen ...
... many poor people and poor countries from purchasing food (there is plenty of food available on the worldwide basis). 4. Land reform is difficult to achieve, in part because larger landowners tend to be politically powerful. Some countries have found success by developing new land or by the governmen ...
What Kind of Supply-Side Policy for the UK
... Types of Industrial Policy • Horizontal policies target innovation, skills, infrastructure etc. generally though their impact is not necessarily sector-neutral • Sector-specific policies are explicitly selective and aim to increase the size of particular industries • Since the early 1980s the empha ...
... Types of Industrial Policy • Horizontal policies target innovation, skills, infrastructure etc. generally though their impact is not necessarily sector-neutral • Sector-specific policies are explicitly selective and aim to increase the size of particular industries • Since the early 1980s the empha ...
The Soviet Industrial Revolution
... The impact of collectivization and World War II was studied with a simulation model. • Both events increased mortality and also reduced fertility by changing the age and sex distribution of the population. • Both events caused permanent and persistent reductions in the size of the population. • Nei ...
... The impact of collectivization and World War II was studied with a simulation model. • Both events increased mortality and also reduced fertility by changing the age and sex distribution of the population. • Both events caused permanent and persistent reductions in the size of the population. • Nei ...
Slide 1
... The impact of collectivization and World War II was studied with a simulation model. • Both events increased mortality and also reduced fertility by changing the age and sex distribution of the population. • Both events caused permanent and persistent reductions in the size of the population. • Nei ...
... The impact of collectivization and World War II was studied with a simulation model. • Both events increased mortality and also reduced fertility by changing the age and sex distribution of the population. • Both events caused permanent and persistent reductions in the size of the population. • Nei ...
employment share in agriculture should vary with GDP per capita
... using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. • The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics. ...
... using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. • The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics. ...
Measuring Recession and Recovery: An Economic Perspective
... (a) Conditioned on market interest rate expectations. The fan chart depicts the probability of various outcomes for GDP growth. To the left of the first vertical dashed line, the distribution reflects the likelihood of revisions to the data over the past; to the right, it reflects uncertainty over t ...
... (a) Conditioned on market interest rate expectations. The fan chart depicts the probability of various outcomes for GDP growth. To the left of the first vertical dashed line, the distribution reflects the likelihood of revisions to the data over the past; to the right, it reflects uncertainty over t ...
Fall 2015 Practice Test #3 - MDC Faculty Web Pages
... 12. Decreasing the accessibility to college in order to funnel workers into the workforce faster will: A) decrease productivity of the economy. B) increase productivity of the economy. C) increase real wages. D) have no impact on the economy. ...
... 12. Decreasing the accessibility to college in order to funnel workers into the workforce faster will: A) decrease productivity of the economy. B) increase productivity of the economy. C) increase real wages. D) have no impact on the economy. ...
Land Reform and Economic Growth
... • In contrast, if wealth is more equally distributed through successful implementation of land reform policies, more individuals could borrow freely against future income and would be able to invest in education, one of the most important attribute of human capital. Investment of human capital incre ...
... • In contrast, if wealth is more equally distributed through successful implementation of land reform policies, more individuals could borrow freely against future income and would be able to invest in education, one of the most important attribute of human capital. Investment of human capital incre ...
Costa_Rica_en.pdf
... 3.0% in 2013, primarily driven by private consumption (up 1.7 percentage points) and investments (up 1.0 percentage point). Net external demand is projected to add just 0.1 percentage points to GDP growth, since the positive contribution of export growth (0.6 percentage points) will only slightly ou ...
... 3.0% in 2013, primarily driven by private consumption (up 1.7 percentage points) and investments (up 1.0 percentage point). Net external demand is projected to add just 0.1 percentage points to GDP growth, since the positive contribution of export growth (0.6 percentage points) will only slightly ou ...
... in government services, which more than offset the decline in manufacturing and petroleum output. Despite increased activity, inflation remained steady at 1.4% in 2014, reflecting the moderating effect of the fall in international fuel prices. However, higher demand led to a modest decrease in the u ...
REVIEW QUESTIONS PRODUCTION AND GROWTH
... In 2002 real GDP per person in Olympus was 4,500. In 2001 it was 4,250. What was the growth rate of real GDP per person? a. 5.6 percent b. 5.9 percent c. 6.5 percent d. None of the above are correct to the nearest tenth. ANSWER: b. 5.9 percent ...
... In 2002 real GDP per person in Olympus was 4,500. In 2001 it was 4,250. What was the growth rate of real GDP per person? a. 5.6 percent b. 5.9 percent c. 6.5 percent d. None of the above are correct to the nearest tenth. ANSWER: b. 5.9 percent ...
13.8% Steady U.S. Economic Growth After a Severe Recession Inflation-adjusted GDP (billions)
... Source: U.S. Bureau of Labor Statistics. Household series, nonfarm employment, seasonally adjusted, Release Jan 2016. Notes: Part-time work is 34 hours or less. “Part-time economic reason” includes unable to find full-time work or poor business conditions. ...
... Source: U.S. Bureau of Labor Statistics. Household series, nonfarm employment, seasonally adjusted, Release Jan 2016. Notes: Part-time work is 34 hours or less. “Part-time economic reason” includes unable to find full-time work or poor business conditions. ...
Neo Keynesianism
... In this paper we show that fiscal multipliers can be strongly state dependent in a countercyclical manner. – In particular, a fiscal expansion during a recession may lead to multiplier values exceeding two, ...
... In this paper we show that fiscal multipliers can be strongly state dependent in a countercyclical manner. – In particular, a fiscal expansion during a recession may lead to multiplier values exceeding two, ...
Economic growth
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita, which is also called per capita income). An increase in growth caused by more efficient use of inputs (such as physical capital, population, or territory) is referred to as intensive growth. GDP growth caused only by increases in the amount of inputs available for use is called extensive growth.In economics, ""economic growth"" or ""economic growth theory"" typically refers to growth of potential output, i.e., production at ""full employment"". As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic development process particularly in low-income countries.Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting. Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure.