曼昆《经济学原理》(宏观经济学分册)英文原版PPT课件——25production_growth

Copyright©2004South-Western25ProductionandGrowthCopyright©2004South-WesternProductionandGrowth•Acountry’sstandardoflivingdependsonitsabilitytoproducegoodsandservices.Copyright©2004South-WesternProductionandGrowth•Withinacountrytherearelargechangesinthestandardoflivingovertime.Copyright©2004South-WesternProductionandGrowth•IntheUnitedStatesoverthepastcentury,averageincomeasmeasuredbyrealGDPperpersonhasgrownbyabout2percentperyear.Copyright©2004South-WesternProductionandGrowth•Productivityreferstotheamountofgoodsandservicesproducedforeachhourofaworker’stime.•Anation’sstandardoflivingisdeterminedbytheproductivityofitsworkers.Table1TheVarietyofGrowthExperiencesCopyright©2004South-WesternCopyright©2004South-WesternECONOMICGROWTHAROUNDTHEWORLD•Livingstandards,asmeasuredbyrealGDPperperson,varysignificantlyamongnations.Copyright©2004South-WesternECONOMICGROWTHAROUNDTHEWORLD•ThepoorestcountrieshaveaveragelevelsofincomethathavenotbeenseenintheUnitedStatesformanydecades.Copyright©2004South-WesternECONOMICGROWTHAROUNDTHEWORLD•Annualgrowthratesthatseemsmallbecomelargewhencompoundedformanyyears.•Compoundingreferstotheaccumulationofagrowthrateoveraperiodoftime.Copyright©2004South-WesternPRODUCTIVITY:ITSROLEANDDETERMINANTS•Productivityplaysakeyroleindetermininglivingstandardsforallnationsintheworld.Copyright©2004South-WesternWhyProductivityIsSoImportant•Productivityreferstotheamountofgoodsandservicesthataworkercanproducefromeachhourofwork.Copyright©2004South-WesternWhyProductivityIsSoImportant•Tounderstandthelargedifferencesinlivingstandardsacrosscountries,wemustfocusontheproductionofgoodsandservices.Copyright©2004South-WesternHowProductivityIsDetermined•Theinputsusedtoproducegoodsandservicesarecalledthefactorsofproduction.•Thefactorsofproductiondirectlydetermineproductivity.Copyright©2004South-WesternHowProductivityIsDetermined•TheFactorsofProduction•Physicalcapital•Humancapital•Naturalresources•TechnologicalknowledgeCopyright©2004South-WesternHowProductivityIsDetermined•PhysicalCapital•isaproducedfactorofproduction.•Itisaninputintotheproductionprocessthatinthepastwasanoutputfromtheproductionprocess.•isthestockofequipmentandstructuresthatareusedtoproducegoodsandservices.•Toolsusedtobuildorrepairautomobiles.•Toolsusedtobuildfurniture.•Officebuildings,schools,etc.Copyright©2004South-WesternHowProductivityIsDetermined•HumanCapital•theeconomist’stermfortheknowledgeandskillsthatworkersacquirethrougheducation,training,andexperience•Likephysicalcapital,humancapitalraisesanation’sabilitytoproducegoodsandservices.Copyright©2004South-WesternHowProductivityIsDetermined•NaturalResources•inputsusedinproductionthatareprovidedbynature,suchasland,rivers,andmineraldeposits.•Renewableresourcesincludetreesandforests.•Nonrenewableresourcesincludepetroleumandcoal.•canbeimportantbutarenotnecessaryforaneconomytobehighlyproductiveinproducinggoodsandservices.Copyright©2004South-WesternHowProductivityIsDetermined•TechnologicalKnowledge•society’sunderstandingofthebestwaystoproducegoodsandservices.•Humancapitalreferstotheresourcesexpendedtransmittingthisunderstandingtothelaborforce.Copyright©2004South-WesternFYI:TheProductionFunction•Economistsoftenuseaproductionfunctiontodescribetherelationshipbetweenthequantityofinputsusedinproductionandthequantityofoutputfromproduction.Copyright©2004South-WesternFYI:TheProductionFunction•Y=AF(L,K,H,N)•Y=quantityofoutput•A=availableproductiontechnology•L=quantityoflabor•K=quantityofphysicalcapital•H=quantityofhumancapital•N=quantityofnaturalresources•F()isafunctionthatshowshowtheinputsarecombined.Copyright©2004South-WesternFYI:TheProductionFunction•Aproductionfunctionhasconstantreturnstoscaleif,foranypositivenumberx,xY=AF(xL,xK,xH,xN)•Thatis,adoublingofallinputscausestheamountofoutputtodoubleaswell.Copyright©2004South-WesternFYI:TheProductionFunction•Productionfunctionswithconstantreturnstoscalehaveaninterestingimplication.•Settingx=1/L,•Y/L=AF(1,K/L,H/L,N/L)Where:Y/L=outputperworkerK/L=physicalcapitalperworkerH/L=humancapitalperworkerN/L=naturalresourcesperworkerCopyright©2004South-WesternFYI:TheProductionFunction•Theprecedingequationsaysthatproductivity(Y/L)dependsonphysicalcapitalperworker(K/L),humancapitalperworker(H/L),andnaturalresourcesperworker(N/L),aswellasthestateoftechnology,(A).Copyright©2004South-WesternECONOMICGROWTHANDPUBLICPOLICY•Governmentscandomanythingstoraiseproductivityandlivingstandards.Copyright©2004South-WesternECONOMICGROWTHANDPUBLICPOLICY•GovernmentPoliciesThatRaiseProductivityandLivingStandards•Encouragesavingandinvestment.•Encourageinvestmentfromabroad•Encourageeducationandtraining.•Establishsecurepropertyrightsandmaintainpoliticalstability.•Promotefreetrade.•Promoteresearchanddevelopment.Copyright©2004South-WesternTheImportanceofSavingandInvestment•Onewaytoraisefutureproductivityistoinvestmorecurrentresourcesintheproductionofcapital.Figure1GrowthandInvestmentCopyright©2003Southwestern/ThomsonLearning(a)GrowthRate1960–1991(b)Investment1960–1991SouthKoreaSingaporeJapanIsraelCanadaBrazilWe