【正文】
n and Germany after 2nd world war. ? East Asia countries ? African Countries Macroeconomics Chapter 5 6 LongRun Economic Growth ? Solow model, the growth rate of capital per worker, k, is given by ?k/k= s(?K/K)+(1?α)(?K/ K) + (1?α) (?K/K)+(1?α)(?K/K ? n) ? ? k/k= ? K/K ? ?L/L = ?K/K ? n ? ?y/y= g+αf(k)/k? sδ ? n ? Growth rate of real GDP per worker with technical progress ? ?y/y= g+α f(k)/k? sδ?n] Macroeconomics Chapter 5 15 LongRun Economic Growth ? Steady state: all variables grow at constant rates. ??k/k is constant ? ?k/k= s(y/k)? sδ ? n ? y/k is constant Macroeconomics Chapter 5 16 LongRun Economic Growth ? Exogenous Technological Progress ? (?y/y)* = (?k/k)* ? (?y/y)* = g+ α(?y/y)* ? (?y/y)* ? α(?y/y)* = g Macroeconomics Chapter 5 17 LongRun Economic Growth ? Exogenous Technological Progress ? Steadystate growth rate with technological progress ? (?y/y) * = g/(1 ? α) ?Since 0 α 1 the steadystate growth rate of real GDP per worker, (?y/y)?, is greater than the rate of technological progress, g. Macroeconomics Chapter 5 18 LongRun Economic Growth ? Exogenous Technological Progress ? (?k/k)* = (?y/y)* ? (?k/k)* = g/(1?α) ? Exogenous technological progress at the rate ?A/A= g leads to longterm growth in real GDP and capital per worker, k and y, at the rate g/(1?α) Macroeconomics Chapter 5