曼昆《經(jīng)濟學原理》(宏觀經(jīng)濟學分冊)英文原版課件

?2007ThomsonSouth-Western?2007ThomsonSouth-WesternProductionandGrowthAcountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices.Withinacountrytherearelargechangesinthestandardoflivingovertime.IntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyabout2percentperyear.ProductionandGrowthAcountryProductionandGrowthProductivityreferstotheamountofgoodsandservicesproducedfromeachunitoflaborinput.Anation’sstandardoflivingisdeterminedlargelybytheproductivityofitsworkers.ProductionandGrowthProductivTable1TheVarietyofGrowthExperiencesTable1TheVarietyofGrowthECONOMICGROWTHAROUNDTHEWORLDLivingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnations.ThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecades.Annualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyears.Compoundingreferstotheaccumulationofagrowthrateoveraperiodoftime.ECONOMICGROWTHAROUNDTHEWORProductivity:ItsRoleandDeterminantsWhyProductivityIsSoImportantProductivityplaysakeyroleindetermininglivingstandardsforallnationsintheworld.Tounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices.Productivity:ItsRoleandDetHowProductivityIsDeterminedTheinputsusedtoproducegoodsandservicesarecalledthefactorsofproduction.Thefactorsofproductioninclude:PhysicalcapitalHumancapitalNaturalresourcesTechnologicalknowledgeThefactorsofproductiondirectlydetermineproductivity.HowProductivityIsDeterminedHowProductivityIsDeterminedPhysicalcapitalperworkeristhestockofequipmentandstructuresthatareusedtoproducegoodsandservices.Physicalcapitalincludes:Toolsusedtobuildorrepairautomobiles.Toolsusedtobuildfurniture.Officebuildings,schools,etc.Physicalcapitalisaproducedfactorofproduction.Itisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess.HowProductivityIsDeterminedHowProductivityIsDeterminedHumancapitalperworkeristheeconomist’stermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience.Likephysicalcapital,humancapitalraisesanation’sabilitytoproducegoodsandservices.HowProductivityIsDeterminedHowProductivityIsDeterminedNaturalresourcesareinputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.Renewableresourcesincludetreesandforests.Nonrenewableresourcesincludepetroleumandcoal.Naturalresourcescanbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices.HowProductivityIsDeterminedHowProductivityIsDeterminedTechnologicalknowledgeincludessociety’sunderstandingofthebestwaystoproducegoodsandservices.Humancapitalincludestheresourcesexpendedtransmittingthisunderstandingtothelaborforce.HowProductivityIsDeterminedFYI:TheProductionFunctionEconomistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.FYI:TheProductionFunctionEcFYI:TheProductionFunctionY=AF(L,K,H,N)Y=quantityofoutputA=availableproductiontechnologyL=quantityoflaborK=quantityofphysicalcapitalH=quantityofhumancapitalN=quantityofnaturalresourcesF()isafunctionthatshowshowtheinputsarecombined.FYI:TheProductionFunctionYFYI:TheProductionFunctionAproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell.FYI:TheProductionFunctionAFYI:TheProductionFunctionProductionfunctionswithconstantreturnstoscalehaveaninterestingimplication.Settingx=1/L,Y/L=AF(1,K/L,H/L,N/L)Where:Y/L=outputperworkerK/L=physicalcapitalperworkerH/L=humancapitalperworkerN/L=naturalresourcesperworkerFYI:TheProductionFunctionPrFYI:TheProductionFunctionTheprecedingequationsaysthatproductivity(Y/L)dependson:physicalcapitalperworker(K/L),humancapitalperworker(H/L),andnaturalresourcesperworker(N/L),aswellasthestateoftechnology(A).FYI:TheProductionFunctionThECONOMICGROWTHANDPUBLICPOLICYGovernmentpoliciesthatraiseproductivityandlivingstandardsEncouragesavingandinvestment.Encourageinvestmentfromabroad.Encourageeducationandtraining.Establishsecurepropertyrightsandmaintainpoliticalstability.Promotefreetrade.Promoteresearchanddevelopment.ECONOMICGROWTHANDPUBLICPOLSavingandInvestmentOnewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital.SavingandInvestmentOnewayDiminishingReturnsandtheCatch-UpEffectAsthestockofcapitalrises,theextraoutputproducedfromanadditionalunitofcapitalfalls;thispropertyiscalleddiminishingreturns.Becauseofdiminishingreturns,anincreaseinthesavingrateleadstohighergrowthonlyforawhile.Inthelongrun,thehighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthintheseareas.DiminishingReturnsandtheCaIllustratingtheProductionFunctionOutputperworker11Capitalperworker1.Whentheeconomyhasalowlevelofcapital,anextraunitofcapitalleadstoalargeincreaseinoutput.2.Whentheeconomyhasahighlevelofcapital,anextraunitofcapitalleadstoasmallincreaseinoutput.IllustratingtheProductionFuDiminishingReturnsandtheCatch-UpEffectThecatch-upeffectreferstothepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.DiminishingReturnsandtheCaInvestmentfromAbroadGovernmentscanincreasecapitalaccumulationandlong-termeconomicgrowthbyencouraginginvestmentfromforeignsources.Investmentfromabroadtakesseveralforms:ForeignDirectInvestmentCapitalinvestmentownedandoperatedbyaforeignentity.ForeignPortfolioInvestmentInvestmentsfinancedwithforeignmoneybutoperatedbydomesticresidents.InvestmentfromAbroadGovernmeEducationForacountry’slong-rungrowth,educationisatleastasimportantasinvestmentinphysicalcapital.IntheUnitedStates,eachyearofschoolingraisesaperson’swage,onaverage,byabout10percent.Thus,onewaythegovernmentcanenhancethestandardoflivingistoprovideschoolsandencouragethepopulationtotakeadvantageofthem.EducationForacountry’slong-EducationAneducatedpersonmightgeneratenewideasabouthowbesttoproducegoodsandservices,whichinturn,mightentersociety’spoolofknowledgeandprovideanexternalbenefittoothers.Oneproblemfacingsomepoorcountriesisthebraindrain

—theemigrationofmanyofthemosthighlyeducatedworkerstorichcountries.EducationAneducatedpersonmiHealthierworkersaremoreproductive.Goodinvestmentsinthehealthofthepopulationcanleadtoincreaselivingstandards.Countriescangetcaughtinaviciouscycle.HealthandNutritionPeoplecannotaffordadequatehealthcareandnutritiousfood.PeoplearepoorHealthierworkersaremoreproPropertyRightsandPoliticalStabilityPropertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyown.Aneconomy-widerespectforpropertyrightsisanimportantprerequisiteforthepricesystemtowork.Itisnecessaryforinvestorstofeelthattheirinvestmentsaresecure.PropertyRightsandPoliticalFreeTradeTradeis,insomeways,atypeoftechnology.Acountrythateliminatestraderestrictionswillexperiencethesamekindofeconomicgrowththatwouldoccurafteramajortechnologicaladvance.FreeTradeTradeis,insomewaFreeTradeSomecountriesengagein......inward-orientatedtradepolicies,avoidinginteractionwithothercountries....outward-orientatedtradepolicies,encouraginginteractionwithothercountries.FreeTradeSomecountriesengagResearchandDevelopmentTheadvanceoftechnologicalknowledgehasledtohigherstandardsofliving.Mosttechnologicaladvancecomesfromprivateresearchbyfirmsandindividualinventors.Governmentcanencouragethedevelopmentofnewtechnologiesthroughresearchgrants,taxbreaks,andthepatentsystem.ResearchandDevelopmentTheadPopulationGrowthEconomistsandothersocialscientistshavelongdebatedhowpopulationgrowthaffectsasociety.Populationgrowthinteractswithotherfactorsofproduction:StretchingnaturalresourcesDilutingthecapitalstockPromotingtechnologicalprogressPopulationGrowthEconomistsanEconomicprosperity,asmeasuredbyrealGDPperperson,variessubstantiallyaroundtheworld.Theaverageincomeoftheworld’srichestcountriesismorethantentimesthatintheworld’spoorestcountries.Thestandardoflivinginaneconomydependsontheeconomy’sabilitytoproducegoodsandservices.Economicprosperity,asmeasurProductivitydependsontheamountsofphysicalcapital,humancapital,naturalresources,andtechnologicalknowledgeavailabletoworkers.Governmentpoliciescaninfluencetheeconomy’sgrowthrateinmanydifferentways.ProductivitydependsontheamTheaccumulationofcapitalissubjecttodiminishingreturns.Becauseofdiminishingreturns,highersavingleadstoahighergrowthforaperiodoftime,butgrowthwilleventuallyslowdown.Alsobecauseofdiminishingreturns,thereturntocapitalisespeciallyhighinpoorcountries.Theaccumulationofcapitalis?2007ThomsonSouth-Western?2007ThomsonSouth-WesternProductionandGrowthAcountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices.Withinacountrytherearelargechangesinthestandardoflivingovertime.IntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyabout2percentperyear.ProductionandGrowthAcountryProductionandGrowthProductivityreferstotheamountofgoodsandservicesproducedfromeachunitoflaborinput.Anation’sstandardoflivingisdeterminedlargelybytheproductivityofitsworkers.ProductionandGrowthProductivTable1TheVarietyofGrowthExperiencesTable1TheVarietyofGrowthECONOMICGROWTHAROUNDTHEWORLDLivingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnations.ThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecades.Annualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyears.Compoundingreferstotheaccumulationofagrowthrateoveraperiodoftime.ECONOMICGROWTHAROUNDTHEWORProductivity:ItsRoleandDeterminantsWhyProductivityIsSoImportantProductivityplaysakeyroleindetermininglivingstandardsforallnationsintheworld.Tounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices.Productivity:ItsRoleandDetHowProductivityIsDeterminedTheinputsusedtoproducegoodsandservicesarecalledthefactorsofproduction.Thefactorsofproductioninclude:PhysicalcapitalHumancapitalNaturalresourcesTechnologicalknowledgeThefactorsofproductiondirectlydetermineproductivity.HowProductivityIsDeterminedHowProductivityIsDeterminedPhysicalcapitalperworkeristhestockofequipmentandstructuresthatareusedtoproducegoodsandservices.Physicalcapitalincludes:Toolsusedtobuildorrepairautomobiles.Toolsusedtobuildfurniture.Officebuildings,schools,etc.Physicalcapitalisaproducedfactorofproduction.Itisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess.HowProductivityIsDeterminedHowProductivityIsDeterminedHumancapitalperworkeristheeconomist’stermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience.Likephysicalcapital,humancapitalraisesanation’sabilitytoproducegoodsandservices.HowProductivityIsDeterminedHowProductivityIsDeterminedNaturalresourcesareinputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.Renewableresourcesincludetreesandforests.Nonrenewableresourcesincludepetroleumandcoal.Naturalresourcescanbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices.HowProductivityIsDeterminedHowProductivityIsDeterminedTechnologicalknowledgeincludessociety’sunderstandingofthebestwaystoproducegoodsandservices.Humancapitalincludestheresourcesexpendedtransmittingthisunderstandingtothelaborforce.HowProductivityIsDeterminedFYI:TheProductionFunctionEconomistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.FYI:TheProductionFunctionEcFYI:TheProductionFunctionY=AF(L,K,H,N)Y=quantityofoutputA=availableproductiontechnologyL=quantityoflaborK=quantityofphysicalcapitalH=quantityofhumancapitalN=quantityofnaturalresourcesF()isafunctionthatshowshowtheinputsarecombined.FYI:TheProductionFunctionYFYI:TheProductionFunctionAproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell.FYI:TheProductionFunctionAFYI:TheProductionFunctionProductionfunctionswithconstantreturnstoscalehaveaninterestingimplication.Settingx=1/L,Y/L=AF(1,K/L,H/L,N/L)Where:Y/L=outputperworkerK/L=physicalcapitalperworkerH/L=humancapitalperworkerN/L=naturalresourcesperworkerFYI:TheProductionFunctionPrFYI:TheProductionFunctionTheprecedingequationsaysthatproductivity(Y/L)dependson:physicalcapitalperworker(K/L),humancapitalperworker(H/L),andnaturalresourcesperworker(N/L),aswellasthestateoftechnology(A).FYI:TheProductionFunctionThECONOMICGROWTHANDPUBLICPOLICYGovernmentpoliciesthatraiseproductivityandlivingstandardsEncouragesavingandinvestment.Encourageinvestmentfromabroad.Encourageeducationandtraining.Establishsecurepropertyrightsandmaintainpoliticalstability.Promotefreetrade.Promoteresearchanddevelopment.ECONOMICGROWTHANDPUBLICPOLSavingandInvestmentOnewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital.SavingandInvestmentOnewayDiminishingReturnsandtheCatch-UpEffectAsthestockofcapitalrises,theextraoutputproducedfromanadditionalunitofcapitalfalls;thispropertyiscalleddiminishingreturns.Becauseofdiminishingreturns,anincreaseinthesavingrateleadstohighergrowthonlyforawhile.Inthelongrun,thehighersavingrateleadstoahigherlevelofproductivityandincome,butnottohighergrowthintheseareas.DiminishingReturnsandtheCaIllustratingtheProductionFunctionOutputperworker11Capitalperworker1.Whentheeconomyhasalowlevelofcapital,anextraunitofcapitalleadstoalargeincreaseinoutput.2.Whentheeconomyhasahighlevelofcapital,anextraunitofcapitalleadstoasmallincreaseinoutput.IllustratingtheProductionFuDiminishingReturnsandtheCatch-UpEffectThecatch-upeffectreferstothepropertywherebycountriesthatstartoffpoortendtogrowmorerapidlythancountriesthatstartoffrich.DiminishingReturnsandtheCaInvestmentfromAbroadGovernmentscanincreasecapitalaccumulationandlong-termeconomicgrowthbyencouraginginvestmentfromforeignsources.Investmentfromabroadtakesseveralforms:ForeignDirectInvestmentCapitalinvestmentownedandoperatedbyaforeignentity.ForeignPortfolioInvestmentInvestmentsfinancedwithforeignmoneybutoperatedbydomesticresidents.InvestmentfromAbroadGovernmeEducationForacountry’slong-rungrowth,educationisatleastasimportantasinvestmentinphysicalcapital.IntheUnitedStates,eachyearofschoolingraisesaperson’swage,onaverage,byabout10percent.Thus,onewaythegovernmentcanenhancethestandardoflivingistoprovideschoolsandencouragethepopulationtotakeadvantageofthem.EducationForacountry’slong-EducationAneducatedpersonmightgeneratenewideasabouthowbesttoproducegoodsandservices,whichinturn,mightentersociety’spoolofknowledgeandprovideanexternalbenefittoothers.Oneproblemfacingsomepoorcountriesisthebraindrain

—theemigrationofmanyofthemosthighlyeducatedworkerstorichcountries.EducationAneducatedpersonmiHealthierworkersaremoreproductive.Goodinvestmentsinthehealthofthepopulationcanleadtoincreaselivingstandards.Countriescangetcaughtinaviciouscycle.HealthandNutritionPeoplecannotaffordadequatehealthcareandnutritiousfood.PeoplearepoorHealthierworkersaremoreproPropertyRightsandPoliticalStabilityPropertyrightsrefertotheabilityofpeopletoexerciseauthorityovertheresourcestheyown.Aneconomy-widerespectforpropertyrightsisanimportantprerequisiteforthepricesystemtowork.Itisnecessaryforinvestorstofeelthattheirinvestmentsaresecure.PropertyRightsandPoliticalFreeTradeTradeis,ins