上財宏觀經(jīng)濟學macroeconomic--23econmicgrowth-資料下載頁
2025-05-14 04:36本頁面
【正文】 Growth Theories and Policies 169。 2021 Pearson AddisonWesley The Basic Neoclassical Idea Technology begins to advance more rapidly. New profit opportunities arise. Investment and saving increase. As technology advances and the capital stock grows, real GDP per person rises. Diminishing returns to capital lower the real interest rate and eventually growth stops, unless technology keeps on advancing. Growth Theories and Policies 169。 2021 Pearson AddisonWesley A Problem with Neoclassical Growth Theory All economies have access to the saamew technologies and capital is free to roam the globe, seeking the highest available real interest rate. These facts imply that economic growth rates and real GDP per person across economies will converge. Figure shows some convergence among rich countries, but convergence is slow. Growth Theories and Policies 169。 2021 Pearson AddisonWesley New Growth Theory New growth theory holds that real GDP per person grows because of choices that people make in the pursuit of profit and that growth can persist indefinitely. The theory begins with two facts about market economies: ? Discoveries result from choices. ? Discoveries bring profit and petition destroys profit. Growth Theories and Policies 169。 2021 Pearson AddisonWesley Two further facts play a key role in the new growth theory: ? Discoveries are a public capital good. ? Knowledge is not subject to diminishing returns. Knowledge Capital Is Not Subject to Diminishing Returns Increasing the stock of knowledge makes capital and labor more productive. Knowledge capital does not experience diminishing returns is the central proposition of new growth theory. Growth Theories and Policies 169。 2021 Pearson AddisonWesley Figure summarizes the ideas of new growth theory as a perpetual motion machine. Growth Theories and Policies 169。 2021 Pearson AddisonWesley Achieving Faster Growth Growth accounting tell us that to achieve faster economic growth we must either increase the growth rate of capital per hour of labor or increase the pace of technological change. The main suggestions for achieving these objectives are Stimulate Saving Saving finances investment. So higher saving rates might increase physical capital growth. Tax incentives might be provided to boost saving. Growth Theories and Policies 169。 2021 Pearson AddisonWesley Stimulate Research and Development Because the fruits of basic research and development efforts can be used by everyone, not all the benefit of a discovery falls to the initial discoverer. So the market might allocate too few resources to research and development. Government subsidies and direct funding might stimulate basic research and development. Growth Theories and Policies 169。 2021 Pearson AddisonWesley Encourage International Trade Free international trade stimulates growth by extracting all the available gains from specialization and trade. The fastest growing nations are the ones with the fastest growing exports and imports. Improve the Quality of Education The benefits from education spread beyond the person being educated, so there is a tendency to under invest in education. Growth Theories and Policies
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