What Determines Economic Growth?
... that per capita output, Y/L , declines as k rises. On the other hand, investment per worker required to keep capital intact, k(∆L/L), rises steadily because it is just proportional to k . Therefore, the two curves are likely to intersect at some equilibrium capital–labor ratio, k僓. When the capital– ...
... that per capita output, Y/L , declines as k rises. On the other hand, investment per worker required to keep capital intact, k(∆L/L), rises steadily because it is just proportional to k . Therefore, the two curves are likely to intersect at some equilibrium capital–labor ratio, k僓. When the capital– ...
Shareholders Unanimity With Incomplete Markets∗
... In recent years macroeconomists have started exploring the implications of dynamic general equilibrium models with heterogeneous agents, incomplete markets and aggregate shocks for a variety of issues, including asset pricing (Krusell and Smith, 1997 and Storesletten, Telmer, and Yaron, 2001), busin ...
... In recent years macroeconomists have started exploring the implications of dynamic general equilibrium models with heterogeneous agents, incomplete markets and aggregate shocks for a variety of issues, including asset pricing (Krusell and Smith, 1997 and Storesletten, Telmer, and Yaron, 2001), busin ...
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The Relationship between Savings and Growth in South Africa
... Indeed, the empirical evidence to date has shown that there is a relationship between saving rates and growth. During 1984-94, 31 countries had average annual per capita GDP growth rates of 2.5% or higher. In these successful countries the median saving rate was 24%. By contrast, the median saving r ...
... Indeed, the empirical evidence to date has shown that there is a relationship between saving rates and growth. During 1984-94, 31 countries had average annual per capita GDP growth rates of 2.5% or higher. In these successful countries the median saving rate was 24%. By contrast, the median saving r ...
Introduction to Macroeconomics
... business firms and households. • Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior of ...
... business firms and households. • Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior of ...
Introduction to Macroeconomics
... business firms and households. • Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior of ...
... business firms and households. • Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior of ...
Introduction to Macroeconomics
... business firms and households. • Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior of ...
... business firms and households. • Macroeconomics deals with the economy as a whole; it examines the behavior of economic aggregates such as aggregate income, consumption, investment, and the overall level of prices. • Aggregate behavior refers to the behavior of ...
Lecture 17
... Growth Slowdown and Speedup 1973 to 1983 • Predominantly, the reason for the productivity growth slowdown can be attributed to a decline in the rate of technological change. • Real GDP per hour expanded by 8% • Capital per hour increased by 15% • With no change in technology, the economy would hav ...
... Growth Slowdown and Speedup 1973 to 1983 • Predominantly, the reason for the productivity growth slowdown can be attributed to a decline in the rate of technological change. • Real GDP per hour expanded by 8% • Capital per hour increased by 15% • With no change in technology, the economy would hav ...
The world in 2050
... structural factors that would mean people want to invest. This should provide us with a more rigorous framework for considering how economies have changed and whether growth can be sustained. In our view, this is a key reason why our study differs from some previous studies which try to extrapolate ...
... structural factors that would mean people want to invest. This should provide us with a more rigorous framework for considering how economies have changed and whether growth can be sustained. In our view, this is a key reason why our study differs from some previous studies which try to extrapolate ...
Week 3 Physical Capital - Course ON-LINE
... workers are paid are the return to the owners of the capital. The return that capital earns is often the incentive for its creation. If you decide not to consume some of your income this year and instead invest it in the capital of some corporation, you do so in the hope of earning payments for the ...
... workers are paid are the return to the owners of the capital. The return that capital earns is often the incentive for its creation. If you decide not to consume some of your income this year and instead invest it in the capital of some corporation, you do so in the hope of earning payments for the ...
Income Inequality: Piketty and the Neo-Marxist Revival Thomas H. Mayor
... revolution and become ever more wealthy while those who lived from their labor alone would be relegated to a bare subsistence. In his view, capital accumulation and increases in productivity do not benefit those who work for a living. Allegedly, those who own the means of production (wealth) and sup ...
... revolution and become ever more wealthy while those who lived from their labor alone would be relegated to a bare subsistence. In his view, capital accumulation and increases in productivity do not benefit those who work for a living. Allegedly, those who own the means of production (wealth) and sup ...
Knight`s Theories of Socialism and Capital
... according to the success of the enterprise, can be replaced by the government, assumed to have no such interest, without loss of managerial efficiency, surely rests more on the will to believe than it does on inference from experience. But this is not impossible; it might work out in that w ay! It i ...
... according to the success of the enterprise, can be replaced by the government, assumed to have no such interest, without loss of managerial efficiency, surely rests more on the will to believe than it does on inference from experience. But this is not impossible; it might work out in that w ay! It i ...
NBER WORKING PAPER SERIES LABOR-MARKET HETEROGENEITY, AGGREGATION, AND THE LUCAS CRITIQUE
... Cobb-Douglas technology in capital, Kt , and efficiency units of labor, Lt .4 Yt = F (Lt , Kt , λt ) = λt Lαt Kt1−α , ...
... Cobb-Douglas technology in capital, Kt , and efficiency units of labor, Lt .4 Yt = F (Lt , Kt , λt ) = λt Lαt Kt1−α , ...
Curriculum Units - Township of Union Public Schools
... that the federal government can adjust taxes, interest rates, spending, and other policies to help restore economic health. 6. Analyze federal and state budgets, and discuss the proportional share of government spending to major elements such as education, social programs, public safety, military, f ...
... that the federal government can adjust taxes, interest rates, spending, and other policies to help restore economic health. 6. Analyze federal and state budgets, and discuss the proportional share of government spending to major elements such as education, social programs, public safety, military, f ...
What Is the Output Gap?
... uring economic downturns an economy’s output of goods and services declines. When times are good, by contrast, that output—usually measured as GDP—increases (see “Back to Basics: What Is Gross Domestic Product?” F&D, December 2008). One thing that concerns economists and policymakers about these up ...
... uring economic downturns an economy’s output of goods and services declines. When times are good, by contrast, that output—usually measured as GDP—increases (see “Back to Basics: What Is Gross Domestic Product?” F&D, December 2008). One thing that concerns economists and policymakers about these up ...
1. For economists, the word "utility" means: A
... A. derived by induction. B. derived by deduction. C. subjective and is based on a value judgment. D. objective and is based on facts. 52. Which of the following is a positive statement? A. The humidity is too high today. B. It is too hot to jog today. C. The temperature is 92 degrees today. D. Summe ...
... A. derived by induction. B. derived by deduction. C. subjective and is based on a value judgment. D. objective and is based on facts. 52. Which of the following is a positive statement? A. The humidity is too high today. B. It is too hot to jog today. C. The temperature is 92 degrees today. D. Summe ...
the significance of global resource availability to swiss
... The objective of this study is to establish, in general terms, the importance to Swiss competitiveness of current global trends in resource consumption and reserves. The relevance of the declining availability of natural resources to Switzerland, as a business location, is examined from both a bioph ...
... The objective of this study is to establish, in general terms, the importance to Swiss competitiveness of current global trends in resource consumption and reserves. The relevance of the declining availability of natural resources to Switzerland, as a business location, is examined from both a bioph ...
The American University in Cairo School of Business A Thesis Submitted to
... demand and supply sides of the economy, and so launched the ERSAP. The agreement covered much the same ground as the 1987 agreement, where restraints on government expenditure were imposed, with interest rising to above 20%, and the government had to boost revenues through adopting a sales tax. In a ...
... demand and supply sides of the economy, and so launched the ERSAP. The agreement covered much the same ground as the 1987 agreement, where restraints on government expenditure were imposed, with interest rising to above 20%, and the government had to boost revenues through adopting a sales tax. In a ...
Redefining the Role of the State
... long for the shortcomings of central planning to be recognised, a very important lesson from twentieth century economic history is the catastrophic failure of Soviet-style state-led industrialisation as a means of organising and co-ordinating economic activity on a sustainable basis (Sachs, 1999). F ...
... long for the shortcomings of central planning to be recognised, a very important lesson from twentieth century economic history is the catastrophic failure of Soviet-style state-led industrialisation as a means of organising and co-ordinating economic activity on a sustainable basis (Sachs, 1999). F ...
MURAYA NORMAN NJUGUNA - University of Nairobi
... genesis in World Bank and other development partners linking persistent poverty and many development challenges to poor governance, weak institutions and rampant corruption. The term good governance has broad meaning, however key principles suffice among them participation of the citizenry in runnin ...
... genesis in World Bank and other development partners linking persistent poverty and many development challenges to poor governance, weak institutions and rampant corruption. The term good governance has broad meaning, however key principles suffice among them participation of the citizenry in runnin ...