宏觀經濟學雙語課件

1、9 Theories of Economic Growth Economic Growth and Decisive Factors Harrod-Domar Economic Growth ModelNew Classical Growth ModelNew Cambridge Economic Growth Model Technical Progress and Economic Growth Debate about Economic Growth中文版中文版CONTENT3:142Economic Growth and Decisive Factors Definition of g

2、rowthThe basic type of growth The decisive factor of growth3:143Economic Growth and Decisive FactorsDefinition of economic growth Economic Growth represents the expansion of productive capacity or real national output.3:144Economic Growth and Decisive FactorsDefinition of economic growth the expansi

3、on of productive capacity or real output mainly determines the quantity and quality of human resources,nature resources ,accumulation capital and technical level in a country. Economic growth means improving and increasing of these factors.3:145Economic Growth and Decisive FactorsThe difference betw

4、een Economic Development and economic growth Economic development is not only including economic growth,but also the changes of society system and economic structure 3:146Economic Growth and Decisive FactorsThe basic type of economic growthThe basic type of economic growth It is made by promoting ef

5、ficiency of productive factors.It can achieve under the amount of productive factors not increasing.It is including the increasing of all and single productive efficiency. 3:147Economic Growth and Decisive FactorsThe basic type of economic growthExtensive economic growth It is made by the increment

6、of productive factors.The more productive factors means the more productive capacity,but it doesntt mean factors is full use. The output per factor obtains is constant when aggregate output increases.3:148Economic Growth and Decisive FactorsIntensive economic growth It is induced by productive capac

7、ity,and which is induced by promoting efficiency of factors.it can bring about under the amount of Factors is constant.it is not only including the increasing of overall ,but also single productive efficiency .3:149Economic Growth and Decisive FactorsThe decisive factor of growthQuantity of producti

8、ve factors Human resources Technical progress System factors3:1410Harrod-Domar Growth ModelHypothesis premiseOnly one kind of merchandise produces in all society.There are just two productive factors.3:1411Harrod-Domar Growth ModelHypothesis premiseReturn of scale is constant Technology is constant3

9、:1412Harrod-Domar Growth ModelHypothesis premiseBecause scale return is constant, technology too.The proportion of labor and capital is constant,whenever the quantity of labor and capital that per output produced need are constant.Marginal propensity to save is constant.It equals average propensity

10、to save,or proportion of saving in national income.Average propensity to save or proportion of saving in national income is constant . 3:1413Harrod-Domar Growth ModelHarrod Model Three growth rates of Harrod Real growth rate GCs G：Real or ex-post output growth rate in this term and last term,namely

11、GY/YS：Real saving rate,C：Real increment of capital stock divided by real increment of output,namely C=I/Y。 3:1414Harrod-Domar Growth ModelHarrod Model Three growth rates of Harrod Real growth rate GCs take GY/Y and C=I/Y into this formula, deduce (Y/Y)(I/Y)S/Y or I/YS/Y or IS This formula only stand

12、s for that real investment and real saving are constant,meanwhile it shows the changing process of output and income,it meant that S is determined by Y, I is determined by increment of income.3:1415Harrod-Domar Growth ModelHarrod Model Three growth rates of Harrod Growth rates satisfied GwCrs Gw ：It

13、 is an aggregate growth rate in the economics of a country,namely,the outcome of economy operating makes enterpriser satisfactory.Formula GwCrshows the essential condition to self-sustained and balanced growth. Cr ：Capital requirement,it is the new investment that increment of output produced needs.

14、3:1416Harrod-Domar Growth ModelHarrod Model Three growth rates of HarrodGrowth rates satisfied GwCrs if Y/Y substitute for Gw，I/y substitute for Cr，S/Y substitute for s，then basic meaning of Harrod Model could be understood. (Y/Y)(I/Y)S/Y ， then IS It means that if a country want to bring out stable

15、 growth, then growth rate must make forecasting investment equal forecasting deposit. So that output increasing could induce enough investment and apply the saving of this term. 3:1417Harrod-Domar Growth ModelHarrod Model Three growth rates of HarrodNature growth rate Gnltlt Gn：Nature growth rate ,i

16、t is determined by annual average growth rates of labor force and labor productivity;l ：Annual average growth rate of population and labor force.t ：Annual average growth rate labor productivity;l t： the output increment which is retained by labor who use new technology.3:1418Harrod-Domar Growth Mode

17、lDomar growth model Growth of production force YQ I YQ：stand for increment of talent productive capacity in a country ;I：It shows:a quantity net investment can increase the level of labor force, so Ireflects the condition of economic structure supplement. 3:1419Harrod-Domar Growth ModelDomar growth

18、model Aggregate demand that need to be increasedYDI1/ ：=S/Y，it is called saving tendency or saving proportion, it is represented as “s”in H-D model； 1/ ：investment multiplier;YD ：A quantity met extra investment induces the extra aggregate demand and aggregate expenditure .3:1420Harrod-Domar Growth M

19、odelDomar growth modelEquilibrium growth in the long run if YQYD，i.e. II1/ I/I I/I: growth rate of net investment. only under this condition,economy can keep the long-run full employment. 3:1421Harrod-Domar Growth ModelDomar growth modelEquilibrium growth in the long run Domar assumption, marginal p

20、ropensity to save equals to average propensity to save, so S/Y SY Y/I i.e. Y I Saving of present period should entirely transfer into investment,so SI，YY Y/Y It denotes the required condition of the long-run full employment. 3:1422The Neoclassical Growth ModelThe Cobb Douglas Production Function YAK

21、L Y: aggregate output ;K:capital quantity; L: labor quantity If +1,Y is linear homogeneous function, YAkL 1；if 1，we get L 11。This function is similar to H-D model. 3:1423The Neoclassical Growth ModelThe Cobb Douglas Production FunctionCharacteristics Basic form of Cobb Douglas production function :

22、YAKL （ 01）It is not linear homogeneous function 1. and respectively represent the relative share of capital /labor to aggregate output.3:1424The Neoclassical Growth ModelThe Cobb Douglas Production Function Characteristics Basic form of Cobb Douglas production function : YAKL （ 01）We also can interp

23、ret one input as the input elasticity of output 。 C-D production function can also be named as constant elasticity of substitution production function. 3:1425The Neoclassical Growth ModelMeades neoclassical growth model Basic hypothesis the Meades model is a growth model of one single department,whi

24、ch only produce one kind of merchandise. 3:1426The Neoclassical Growth ModelMeades neoclassical growth modelGrowth model three inputs: capital,labor and land(resources), also include time variable.So the production function is : YF (K, L, R, t) 3:1427The Neo Classical Growth ModelThe equilibrium gro

25、wth in neoclassical Capital stock growth line K/KReal output growth line Y/YAOKK( )e=YY( )eKK( )e，YY( )eYY( )lKK( )lYK( )lYK( )eor YK3:1428New-Cambridge Economic Growth Model “capital debate”of two Cambridges three questions Capital-intensive problem in aggregate production function The distribution

26、 share of wages and profits from national income Causal relationship between saving and investment in the dynamic process of social capital expanded reproduction.3:1429New-Cambridge Economic Growth ModelKaldors distribution model Basic hypothesisKaldor distribution model is based on classical saving function. This function represents that saving is the ration of profits to national income,