s Socialist Economy under Mao
... • State Planning Commission and various Ministries begin the planning process and organize production. • Good weather. Agricultural production and output increases and the people are better off initially. • Success builds Confidence. 1955, Mao moves to promote faster collectivization of farming. “ A ...
... • State Planning Commission and various Ministries begin the planning process and organize production. • Good weather. Agricultural production and output increases and the people are better off initially. • Success builds Confidence. 1955, Mao moves to promote faster collectivization of farming. “ A ...
PerkinsEcoDev6eCH04
... I. Building blocks common to modern theories of growth: the production function (technology), saving and investment behavior, the relationship between existing stock of capital and new investment, and labor force growth. II. Three models of growth have informed much of the empirical work and policy ...
... I. Building blocks common to modern theories of growth: the production function (technology), saving and investment behavior, the relationship between existing stock of capital and new investment, and labor force growth. II. Three models of growth have informed much of the empirical work and policy ...
ECON 8010
... Instructions: All questions must be answered on this examination paper. No additional sheets of paper are permitted; use the backs of pages if necessary. For every question, show all of your work in arriving at your answers. Point values for each question are in parentheses to the left of the questi ...
... Instructions: All questions must be answered on this examination paper. No additional sheets of paper are permitted; use the backs of pages if necessary. For every question, show all of your work in arriving at your answers. Point values for each question are in parentheses to the left of the questi ...
Introduction - Yale Economics
... computer scientist, for example, earns a higher income that she can spend on goods other than computers. Will a similar process operate here? No, and for the following reason. Since, in this exercise, agricultural technology is not changing, the only way in which an agricultural (and, hence, industr ...
... computer scientist, for example, earns a higher income that she can spend on goods other than computers. Will a similar process operate here? No, and for the following reason. Since, in this exercise, agricultural technology is not changing, the only way in which an agricultural (and, hence, industr ...
Sides Game with Answers
... The last worker increased TPP 20 units The last unit of capital increased TPP 30 units The labor wage is $20/day The capital interest is $30/day Product price is $1 ...
... The last worker increased TPP 20 units The last unit of capital increased TPP 30 units The labor wage is $20/day The capital interest is $30/day Product price is $1 ...
Economics, by R. Glenn Hubbard and Anthony Patrick O'Brien
... Source: Author calculations using nominal values from Global Financial Data, globalfinancialdata.com, adjusted for inflation with the GDP deflator published by the Bureau of Economic Analysis, bea.gov ...
... Source: Author calculations using nominal values from Global Financial Data, globalfinancialdata.com, adjusted for inflation with the GDP deflator published by the Bureau of Economic Analysis, bea.gov ...
The End of One Big Deflation
... c > 0, consistent with Lucas-Rapping supply curve b = .15, consistent with self-correction, homeostasis hypothesis n* - n half-life = 3 quarters Critique: Recovery was due to aggressive New Deal policies Response: New Deal “cleared the way for recovery” but did not drive it Critique: Other sectors m ...
... c > 0, consistent with Lucas-Rapping supply curve b = .15, consistent with self-correction, homeostasis hypothesis n* - n half-life = 3 quarters Critique: Recovery was due to aggressive New Deal policies Response: New Deal “cleared the way for recovery” but did not drive it Critique: Other sectors m ...
econlastminuteitems
... • Price paid for land and other natural resources • Perfectly inelasticity supply • Changes in demand ...
... • Price paid for land and other natural resources • Perfectly inelasticity supply • Changes in demand ...
Homework Assignment 1
... A1. Use these numbers to calculate actual and balanced growth path labor productivity and capital productivity in period 1. Use capital productivity to calculate the growth rate of the capital-labor ratio in period 1. Calculate technology and the capital labor ratio in period. 2. Repeat. Calculate t ...
... A1. Use these numbers to calculate actual and balanced growth path labor productivity and capital productivity in period 1. Use capital productivity to calculate the growth rate of the capital-labor ratio in period 1. Calculate technology and the capital labor ratio in period. 2. Repeat. Calculate t ...
What are Wants and Needs?
... what price to sell them at. They must continue to make a profit in order to produce goods. ...
... what price to sell them at. They must continue to make a profit in order to produce goods. ...
Second Midterm: Morning Exam Version 1
... The real GDP corresponding to the full employment (potential output) is a. $100 billion. b. $40 billion. c. $50 billion. d. $10 billion. 17. In the Classical model, a fiscal policy that increases government spending and leaves taxes unchanged is going to cause (assume income is unchanged) a. an incr ...
... The real GDP corresponding to the full employment (potential output) is a. $100 billion. b. $40 billion. c. $50 billion. d. $10 billion. 17. In the Classical model, a fiscal policy that increases government spending and leaves taxes unchanged is going to cause (assume income is unchanged) a. an incr ...
4.Services_and_Quaternary Sector
... • The Tertiary and Quaternary sectors are similar in that they both involve the supply of services. • Services are required in fields such as transportation, healthcare, education, planning and management, etc • Services are: “Economic activities that provide support / assistance in order that other ...
... • The Tertiary and Quaternary sectors are similar in that they both involve the supply of services. • Services are required in fields such as transportation, healthcare, education, planning and management, etc • Services are: “Economic activities that provide support / assistance in order that other ...
Due Date: Thursday, September 8th (at the beginning of class)
... c) Now consider the following changes, one at a time: a doubling of the initial stock of knowledge, At0, a doubling of the research share γA, a doubling of research productivity (1/μ), and a doubling of the population L. How would your answer to parts a) and b) change in each case? Doubling initial ...
... c) Now consider the following changes, one at a time: a doubling of the initial stock of knowledge, At0, a doubling of the research share γA, a doubling of research productivity (1/μ), and a doubling of the population L. How would your answer to parts a) and b) change in each case? Doubling initial ...
Specific-Factor Model: Factor Model: Income Distribution and Trade
... The factor specific to the expanding sector (the export sector, cloth) clearly gains; the factor specific to the contracting sector (the import competing sector, food) clearly loses. The non-specific factor (labor) may gain or lose, it all depends on how labor spends its wage income, so all we can s ...
... The factor specific to the expanding sector (the export sector, cloth) clearly gains; the factor specific to the contracting sector (the import competing sector, food) clearly loses. The non-specific factor (labor) may gain or lose, it all depends on how labor spends its wage income, so all we can s ...
CHAPTER OVERVIEW
... Provide three examples of products or services that can be simultaneously consumed by many people. Explain why labor productivity greatly rises as the firm sells more units of the product or service, and explain why the higher level of sales greatly reduces the per-unit cost of the product. Text exa ...
... Provide three examples of products or services that can be simultaneously consumed by many people. Explain why labor productivity greatly rises as the firm sells more units of the product or service, and explain why the higher level of sales greatly reduces the per-unit cost of the product. Text exa ...
This PDF is a selection from a published volume from... Economic Research Volume Title: NBER International Seminar on Macroeconomics 2007
... version with two shocks and two assets that builds intuition into the workings of the mechanisms.Then a third shock is introduced,leading to marketincompleteness,in which case the model is solved using the Devereux and Sutherland(2006)method. The qualitativepredictionsof the model are developed in t ...
... version with two shocks and two assets that builds intuition into the workings of the mechanisms.Then a third shock is introduced,leading to marketincompleteness,in which case the model is solved using the Devereux and Sutherland(2006)method. The qualitativepredictionsof the model are developed in t ...
Eco 212_____Name
... the difference between the quantity supplied and quantity demanded of nonmonetary assets. c. the portion of the change in output that cannot be explained by changes in measured capital or labor inputs. d. the portion of the adult population that is not counted as part of the labor force. e. the diff ...
... the difference between the quantity supplied and quantity demanded of nonmonetary assets. c. the portion of the change in output that cannot be explained by changes in measured capital or labor inputs. d. the portion of the adult population that is not counted as part of the labor force. e. the diff ...
Midterm 3
... According to Keynesians, firms keep some workers on the payroll during recessions even if the firm doesn’t need them at that moment – to avoid losing hardto-replace workers. When demand increases, the firm can increase output without adding many new workers. This will make _____ appear to be pro-cyc ...
... According to Keynesians, firms keep some workers on the payroll during recessions even if the firm doesn’t need them at that moment – to avoid losing hardto-replace workers. When demand increases, the firm can increase output without adding many new workers. This will make _____ appear to be pro-cyc ...
Practice Questions 2(updated 2/21/05)
... In addition to this information you know that Consumption spending equals $100 when disposable income is zero and that the marginal propensity to consume is equal to .75. Investment is an inverse function of the interest rate (r) and that when the interest rate increases by 1 percentage point in ...
... In addition to this information you know that Consumption spending equals $100 when disposable income is zero and that the marginal propensity to consume is equal to .75. Investment is an inverse function of the interest rate (r) and that when the interest rate increases by 1 percentage point in ...
Economic_growth - YSU
... • One key to productivity growth is growth in nation’s capital stock – With more capital, a given number of workers can produce more output than before ...
... • One key to productivity growth is growth in nation’s capital stock – With more capital, a given number of workers can produce more output than before ...
Formula Sheet
... Y = C(Y − T ) + I(r) + G Def: a graph of all combinations of r and Y that result in goods market equilibrium. 32. LM curve M /P = L(r, Y ) Def: a graph of all combinations of r and Y that equate the supply and demand for real money balances. 33. IS ∗ curve Y = C(Y − T ) + I(r∗ ) + G + N X(e) Def: a ...
... Y = C(Y − T ) + I(r) + G Def: a graph of all combinations of r and Y that result in goods market equilibrium. 32. LM curve M /P = L(r, Y ) Def: a graph of all combinations of r and Y that equate the supply and demand for real money balances. 33. IS ∗ curve Y = C(Y − T ) + I(r∗ ) + G + N X(e) Def: a ...
Fei–Ranis model of economic growth
The Fei–Ranis model of economic growth is a dualism model in developmental economics or welfare economics that has been developed by John C. H. Fei and Gustav Ranis and can be understood as an extension of the Lewis model. It is also known as the Surplus Labor model. It recognizes the presence of a dual economy comprising both the modern and the primitive sector and takes the economic situation of unemployment and underemployment of resources into account, unlike many other growth models that consider underdeveloped countries to be homogenous in nature. According to this theory, the primitive sector consists of the existing agricultural sector in the economy, and the modern sector is the rapidly emerging but small industrial sector. Both the sectors co-exist in the economy, wherein lies the crux of the development problem. Development can be brought about only by a complete shift in the focal point of progress from the agricultural to the industrial economy, such that there is augmentation of industrial output. This is done by transfer of labor from the agricultural sector to the industrial one, showing that underdeveloped countries do not suffer from constraints of labor supply. At the same time, growth in the agricultural sector must not be negligible and its output should be sufficient to support the whole economy with food and raw materials. Like in the Harrod–Domar model, saving and investment become the driving forces when it comes to economic development of underdeveloped countries.