Transcript Human Capital

9
THE REAL ECONOMY IN THE LONG RUN
Chapter 25
Production and Growth
25.1 Production and Growth
• A country’s standard of living depends on
its ability to produce goods and services.
25.1 Production and Growth
• Within a country there are large changes in the
standard of living over time.
• In the United States over the past century,
average income as measured by real GDP per
person has grown by about 2 percent per year.
25.1 Production and Growth
• Productivity refers to the amount of goods and
services produced for each hour of a worker’s
time.
• A nation’s standard of living is determined by
the productivity of its workers.
Figure 1. A Look At Short-Run Economic
Fluctuations
Figure.1952-2005 real GDP in China
3E+12
3E+12
2E+12
2E+12
1E+12
5E+11
2003
2000
1997
1994
1991
1988
1985
1982
1979
1976
1973
1970
1967
1964
1961
1958
1955
1952
0
图1. 中国国内生产总值及增长率
GDP(亿元)
200000
150000
8.3
109655
10
9.1
10.1
159878
120333
10.4
183868
10.7
12
10
209407 8
135823
6
100000
4
50000
2
0
0
2001
2002
2003
GDP
2004
2005
growth-rate %
2006
GDP年增长率(%)
250000
U.S. ECONOMIC GROWTH RATES
Average Annual Increase (Percent)
U.S. Economic Growth,
Annual Averages for Five Decades
5
4
3
2
1
0
1950-1959 1960-1969 1970-1979 1980-1989 1990-1999
Real GDP
Real GDP Per Capita
TABLE B–112.—Grow th rates in real gross dom estic product, 1988–2006 (Source: Econom ic Report of the
President 2007) (percent change)
Area and country
1988–97
annual
average
1998
1999
2000
2001
2002
2003
2004
2006 1
2005
World
3.4
2.8
3.7
4.9
2.6
3.1
4.1
5.3
4.9
5.1
Advanced economies
2.9
2.6
3.5
3.9
1.2
1.5
1.9
3.2
2.6
3.1
United States
3.0
4.2
4.5
3.7
0.8
1.6
2.5
3.9
3.2
3.4
Japan
2.9
-1.8
-0.2
2.9
0.4
0.1
1.8
2.3
2.6
2.7
United Kingdom
2.2
3.3
3.0
3.8
2.4
2.1
2.7
3.3
1.9
2.7
Canada
2.2
4.1
5.5
5.2
1.8
2.9
1.8
3.3
2.9
3.1
Euro area
......
2.8
3.0
3.9
1.9
0.9
0.8
2.1
1.3
2.4
Germany
2.7
2.0
1.9
3.1
1.2
*
-0.2
1.2
0.9
2.0
France
1.9
3.3
3.0
4.0
1.8
1.1
1.1
2.0
1.2
2.4
Italy
1.9
1.4
1.9
3.6
1.8
0.3
*
1.1
*
1.5
Spain
2.9
4.5
4.7
5.0
3.5
2.7
3.0
3.1
3.4
3.4
Netherlands
2.9
4.3
4.0
3.5
1.4
0.1
0.3
2.0
1.5
2.9
Belgium
2.6
1.9
3.1
3.7
1.2
1.5
0.9
2.4
1.5
2.7
Austria
2.5
3.6
3.3
3.4
0.8
0.9
1.1
2.4
2.0
2.8
Finland
1.6
5.2
3.9
5.0
2.6
1.6
1.8
3.5
2.9
3.5
Greece
2.0
3.4
3.4
4.5
5.1
3.8
4.8
4.7
3.7
3.7
Portugal
3.7
4.8
3.9
3.9
2.0
0.8
-1.1
1.2
0.4
1.2
Ireland
5.9
8.5
10.7
9.2
5.7
6.0
4.3
4.3
5.5
5.8
Luxembourg
5.1
6.5
8.4
8.4
2.5
3.6
2.0
4.2
4.0
4.0
Of which:
TABLE B–112.—Grow th rates in real gross dom estic product, 1988–2006 (Source: Econom ic Report of the
President 2007) (percent change)
1988–97
Area and country
annual
1998
1999
2000
2001
2002
2003
2004
2005
2006 1
average
World
3.4
2.8
3.7
4.9
2.6
3.1
4.1
5.3
4.9
5.1
Advanced economies
2.9
2.6
3.5
3.9
1.2
1.5
1.9
3.2
2.6
3.1
2.7
2.6
3.1
3.6
1.1
1.2
1.8
3.0
2.4
2.9
7.3
-2.4
7.4
7.9
1.1
5.3
3.2
5.9
4.5
4.9
2.3
2.8
2.7
3.1
4.2
3.6
4.6
5.5
5.4
5.4
0.9
2.9
0.7
5.1
0.3
4.5
4.7
6.5
5.4
5.3
......
-3.4
5.2
9.0
6.3
5.3
7.9
8.4
6.5
6.8
......
-5.3
6.4
10.0
5.1
4.7
7.3
7.2
6.4
6.5
Developing Asia
7.9
4.2
6.2
7.0
6.1
7.0
8.4
8.8
9.0
8.7
China
9.9
7.8
7.1
8.4
8.3
9.1
10.0
10.1
10.2
10.0
India
6.0
5.9
6.9
5.3
4.1
4.3
7.2
8.0
8.5
8.3
Middle East
Western
Hemisphere
Brazil
4.0
3.7
1.8
5.3
3.0
4.1
6.4
5.5
5.7
5.8
2.9
2.3
0.5
3.9
0.5
0.1
2.2
5.7
4.3
4.8
2.0
0.1
0.8
4.4
1.3
1.9
0.5
4.9
2.3
3.6
Mexico
3.0
5.0
3.8
6.6
*
0.8
1.4
4.2
3.0
4.0
Memorandum:
Major advanced
economies 2
New ly industrialized
Asian economies 3
Regional groups:
Africa
Central and eastern
Europe
Commonw ealth
of Independent
States 4
Russia
Table 1 The Variety of Growth Experiences
Copyright©2004 South-Western
表 A1　资 本 主 义 时 代 三 个 最 成 功 时 期 的 人 均 GDP增 长 表 现
西欧
1973－1998 1870－1913
1950－1973黄
新自由秩序 自由秩序时
金时期
时期
期
人均GDP年均复合增长率
A组
4.08
1.78
1.32
1998世界
GDP
1998世界人
口
占世界比重
20.6
6.6
西方衍生国
2.44
1.94
1.81
25.1
5.5
日本
8.05
2.34
1.48
7.7
2.1
发达国家合计
3.72
1.98
1.56
53.4
14.2
复兴的亚洲
发达国家和复
兴的亚洲（49
个）
2.61
4.18
0.38
25.2
50.9
2.93
1.91
1.36
78.6
65.1
B组
40个其他亚洲
国家
44个拉丁美洲
国家
27个东欧和前
苏联
57个非洲国家
徘徊的经济实
体（168个）
世界
4.09
0.59
0.48
4.3
6.5
2.52
0.99
1.79
8.7
8.6
3.49
-1.1
1.15
5.4
6.9
2.07
0.01
0.64
3.1
12.9
2.94
-0.21
1.16
21.4
34.9
2.93
1.33
1.3
100
100
资料来源：（英）麦迪森著，《世界经济千年史》（北京大学出版社，
2003） ， 表 3－ 5， p120。
25.1 ECONOMIC GROWTH
AROUND THE WORLD
• Living standards, as measured by real GDP
per person, vary significantly among
nations.
25.1 ECONOMIC GROWTH
AROUND THE WORLD
• The poorest countries have average levels
of income that have not been seen in the
United States for many decades.
25.1 ECONOMIC GROWTH
AROUND THE WORLD
• Annual growth rates that seem small become
large when compounded for many years.
• Compounding refers to the accumulation of a
growth rate over a period of time.
25.2 PRODUCTIVITY: ITS
ROLE AND DETERMINANTS
• Productivity plays a key role in determining
living standards for all nations in the world.
25.2.1 Why Productivity Is So Important
• Productivity refers to the amount of goods and
services that a worker can produce from each
hour of work.
• To understand the large differences in living
standards across countries, we must focus on the
production of goods and services.
25.2.1 Why Productivity Is So Important
• Let’s begin our study of productivity and economic
growth by developing a simple model based loosely
on Daniel DeFoe’s famous novel Robinson Crusoe.
Robinson Crusoe, is a sailor stranded on a desert
island. Because Crusoe lives alone, he catches his
own fish, grows his own vegetables, and makes his
own clothes. We can think of Crusoe’s activities –
his production and consumption of fish, vegetables
and clothing – as being a simple economy. By
examining Crusoe’s economy, we can learn some
lessons that also apply to more complex and
realistic economies.
25.2.1 Why Productivity Is So Important
• What determines Crusoe’s standard of living? The
answer is obvious. If Crusoe is good at catching
fish, growing vegetables, and making clothes, he
lives well. If it is bad at doing these things, he
lives poorly. Because Crusoe gets to consume only
what he produces, his living standard is tied to his
productive ability.
25.2.1 Why Productivity Is So Important
• The term productivity refers to the quantity of
goods and services that a worker can produce for
each hour of work. In the case of Crusoe’s economy,
it is easy to see that productivity is the key
determinant of living standards and that growth in
productivity is the key determinant of growth in
living standards.The more fish Crusoe can catch
per hour, the more he eats at dinner. If Crusoe finds
a better place to catch fish, his productivity rises.
This increase in productivity makes Crusoe better
off : He could eat the extra fish, or he could spend
less time fishing and devote more time to making
other goods he enjoys.
25.2.1 Why Productivity Is So Important
•
The key role of productivity in determining living
standards is as true for nations as it is for stranded
sailors. ……Put simply, an economy’s income is the
economy’s output.
• A country’s standard of living depends on its
ability to produce goods and services.
•
Hence, to understand the large differences in living
standards we observe across countries or over time, we
must focus on the production of goods and services. But
seeing the link between living standards and productivity
is only the first step. It leads naturally to the next question:
why are some economies so much better at producing
goods and services than others?
(Mankiw, Principles of Economics(third edition), chapter25, pp540-541.)
Table3. Economic activity
美国
农业生产率
人均
每个农业劳动
增加值占GDP的 GDP
者创造的农业
年增
百分比
附加值（1995
长率
美元）
1990
服务 1988- 2000- 农业 工业
业 2003
1990
2002 2003 2003
2003
27975 53907
2
23
75 3.2
日本
25293
33077
1
31
68
1.3
印度
342
401
23
26
52
5.8
德国
16783
33686
1
30
69
1.5
印尼
674
748
17
44
40
3.5
法国
30635
59243
3
25
72
1.9
泰国
768
863
9
41
50
3.7
英国
29138
32918
1
26
73
2.6 马来西亚 5,678
6,912
9
49
42
5.9
意大利
13990
27064
3
29
69
1.6
阿根廷
7,282
10,317
11
35
54
2.3
葡萄牙
5391
7567
4
30
66
2.6
巴西
2,982
4,899
6
21
73
2.6
西班牙
12860
22412
3
30
66
2.8
智利
4,854
6,226
9
34
57
5.6
希腊
10578
13860
7
22
70
2.7
墨西哥
1,579
1,913
4
26
70
3
新加坡
27156
42920
0
35
65
6.3 澳大利亚 24,500 36,327
4
26
71
3.8
韩国
..
13747
3
35
62
5.5
33
22
45
6.8
..
..
0
12
88 3.7 博茨瓦纳 777
575
2
香港
Source: World development report 2005, Table 3 Economic activity, pp258-259.
48
50
4.7
国别
国别
中国
乌干达
农业生产率
人均
每个农业劳动
增加值占GDP的 GDP
者创造的农业
年增
百分比
附加值（1995
长率
美元）
1990
服务 1988- 2000- 农业 工业
业 2003
1990
2002 2003 2003
2003
227
338
15
53
32 9.5
285
346
世 界 主 要 国 家 和 地 区 国 际 竞 争 力 统 计 数 据 一 览 表 （ 2002年 ）
综合生产
率(2001
年,每个
就业者人
均GDP,
美元)
劳动生产
率(2001
年,每个
雇员每小
时创造的
GDP,美
元)
农业生产
率(2001
年,每个
农业劳动
力创造的
GDP,美
元)
工业生产
率(2001
年,每个
工业雇员
创造的
GDP,美
元)
服务业生
产率
(2001年
每个服务
业雇员创
造的
GDP, 美
元)
美国
75386
39.3
55802
89711
71722
日本
64625
34.67
17799
64081
68122
德国
50433
29.88
18854
42723
55714
加拿大
46478
24.58
35697
60170
42706
法国
54885
34.58
42115
51497
56743
英国
50968
27.81
48480
50954
47175
意大利
50603
29.22
22817
47726
54353
新加坡
41846
21.05
14767
53787
37631
香港
49780
22.82
14722
44152
51006
台湾
30080
13.88
7624
25814
35795
韩国
19763
9.53
8436
29775
17318
巴西
6508
3.37
2156
12084
6475
中国大陆
1587
0.8
489
3693
2014
印度
1095
0.52
403
2465
2570
俄罗斯
4769
2.61
2466
5958
6173
《中国区域竞争力发展报告2 0 0 3 －－区域竞争力发展主题研究
》，中国人民大学竞争力与评价研究中心研究组，中国人民大学
出版社，2 0 0 3 年9 月第1 版，表1 6 -1 ，第4 2 4 ～4 4 5 页。
25.2.2 How Productivity Is Determined
• The inputs used to produce goods and services
are called the factors of production.
• The factors of production directly determine
productivity.
25.2.2 How Productivity Is Determined
• The Factors of Production
– Physical capital
– Human capital
– Natural resources
– Technological knowledge
25.2.2 How Productivity Is Determined
•
Physical Capital
– is a produced factor of production.
• It is an input into the production process that
in the past was an output from the production
process.
– is the stock of equipment and structures that
are used to produce goods and services.
• Tools used to build or repair automobiles.
• Tools used to build furniture.
• Office buildings, schools, etc.
25.2.2 How Productivity Is Determined
•
•
•
Physical Capital
Accumulating capital requires a sacrifice of
current consumption over many years.
Social overhead capital, which consist of the
large-scale projects that precede trade and
commerce. Roads, irrigation and water projects,
and public-health measures are important
examples. All these involve large investments that
tend to be “indivisible”, or lumpy, and sometimes
have increasing returns to scale.
25.2.2 How Productivity Is Determined
•
•
•
Physical Capital
These projects generally involve external
economies, or spillovers that private firms cannot
capture, so the government must step in to ensure
that these social overhead or infrastructure
investments are effectively undertaken.
Some investments, such as transportation and
communication systems, involve “network”
externalities in which productivity depends upon
the density of the using population.
(Samuelson, Economics, 17th edition, P570-571.)
25.2.2 How Productivity Is Determined
•
Human Capital
– the economist’s term for the knowledge and
skills that workers acquire through education,
training, and experience.
– Human capital includes the skills accumulated
in early childhood programs, grades school,
high school, college, and on-the-job training for
adults in the labor force.
– Like physical capital, human capital raises a
nation’s ability to produce goods and services.
25.2.2 How Productivity Is Determined
•
Human Capital
1) Although education, training, and experience are less
tangible than lathes, bulldozers, and buildings, human
capital is like physical capital in many ways. Like
physical capital, human capital raises a nation’s ability to
produce goods and services.
2) Human capital is produced factor of production.
3) Producing human capital requires inputs in the form of
teachers, libraries, and student time. Indeed, students can
be viewed as “workers” who have the important job of
producing the human capital that will be used in future
production. (Mankiw, Principles of Economics(third edition), chapter25, P542.)
25.2.2 How Productivity Is Determined
• Natural Resources
– inputs used in production that are provided by nature,
such as land, rivers, and mineral deposits.
• Renewable resources include trees and forests.
When one tree is cut down, a seedling can be planted
in its place to be harvested in the future.
• Nonrenewable resources include petroleum and coal.
Because oil is produced by nature over many
thousands of years, there is only a limited supply.
Once the supply of oil is depleted, it is impossible to
create more.
– can be important but are not necessary for an economy
to be highly productive in producing goods and services.
25.2.2 How Productivity Is Determined
•
•
•
•
Technological Knowledge
society’s understanding of the best ways to
produce goods and services.
Human capital refers to the resources expended
transmitting this understanding to the labor force.
To use a relevant metaphor, knowledge is the
quality of society’s textbooks, whereas human
capital is the amount of time that the population
has devoted to reading them. Worker’s
productivity depends on both the quality of
textbooks they have available and the amount of
time they have spent studying them.
25.2.2 How Productivity Is Determined
•
•
Technological Change and Innovation
Technological Change denotes changes in the
processes of production or introduction of new
products or services. Process inventions流程方面的发
明 that have greatly increased productivity were the
steam engine, the generation of electricity,
antibiotics, the internal-combustion engine, the
wide-body jet, the microprocessor and the fax
machine. Fundamental product inventions基础性产
品发明 include the telephone, the radio, the airplane,
the photograph, the television, the computer and
the VCR. (Samuelson, Economics, 18th edition, P559-560.)
The Importance of Technological Change
(Samuelson, Economics, 18th
edition, P566.)
Q/L
Output per worker
As a result of
improvements in
technology, the
aggregate production
function shifts upward
over time. Hence
improvements in
technology combine
with capital deepening
to raise output per
worker and real wages.
APF2007
(Q/L)2007
E2007
APF1950
(Q/L)1950
E1950
(K/L)1950
(K/L)2007
K/L
Capital per worker
Fig27-6. Technological Advance shift up the
Production Function
25.2.2 How Productivity Is Determined
To Summarize:
Technological change----which increases output
produced for a given bundle of inputs----is a crucial
ingredient in the growth of nations. The new growth
theory seeks to uncover the processes which
generate technological change. This approach
emphasizes that technological change is an output
that is subject to severe market failures because
technology is a public good that is expensive to
produce but cheap to reproduce. Governments
increasingly seek to provide strong intellectual
property rights for those who develop new
technologies. (Samuelson, Economics, 18th edition, P567.)
FYI: The Production Function
• Economists often use a production function
to describe the relationship between the
quantity of inputs used in production and
the quantity of output from production.
FYI: The Production Function
• Y = A F(L, K, H, N)
– Y = quantity of output
– A = available production technology
– L = quantity of labor
– K = quantity of physical capital
– H = quantity of human capital
– N = quantity of natural resources
– F( ) is a function that shows how the inputs are
combined.
FYI: The Production Function
• A production function has constant returns to
scale if, for any positive number x,
xY = A F(xL, xK, xH, xN)
• That is, a doubling of all inputs causes the
amount of output to double as well.
FYI: The Production Function
• Production functions with constant returns to
scale have an interesting implication.
– Setting x = 1/L,
– Y/ L = A F(1, K/ L, H/ L, N/ L)
Where:
Y/L = output per worker
K/L = physical capital per worker
H/L = human capital per worker
N/L = natural resources per worker
FYI: The Production Function
• The preceding equation says that productivity
(Y/L) depends on physical capital per worker
(K/L), human capital per worker (H/L), and
natural resources per worker (N/L), as well as
the state of technology, (A).
表27-3:知识进步超过了资本对经济增长的贡献
不同要素对实际GDP增长的贡献，美国，1948－
1997
占总值的
年百分比
百分比
实际GDP增长
3.52
100
（私人企业部门）
投入贡献
2.22
63
资本
0.66
19
劳动力
1.56
44
全要素生产率增长（研究和
发展、教育、创新、规模经
1.3
37
济、知识进步和其它资源）
资料来源：Samuelson, Economics, 17th edition, P584.
表27－4 实际工资反映生产率增长
长期中，实际工资随着劳动生产率的变动而变动。自从
1973年生产率减速以后实际工资就停滞不动了（Samuelson,
Economics, 17th, P585.）
＊
时期
1959～1973年
1973～1999年
＊
生产率和实际工资
年均增长（％）
劳动生产率
实际工资
3.4
2.9
1.7
0.9
生产率是指美国的工商业部门；名义上的补偿是用个人消费支出的缩减指数压缩的。
Samuelson, Econmics, 17th, p585.
25.3 ECONOMIC GROWTH
AND PUBLIC POLICY
• Governments can do many things to raise
productivity and living standards.
25.3 ECONOMIC GROWTH
AND PUBLIC POLICY
• Government Policies That Raise Productivity and
Living Standards
– Encourage saving and investment.
– Encourage investment from abroad
– Encourage education and training.
– Establish secure property rights and maintain
political stability.
– Promote free trade.
– Promote research and development.
25.3.1 The Importance of Saving and
Investment
• One way to raise future productivity is to
invest more current resources in the
production of capital.
Figure 1 Growth and Investment
(b) Investment 1960–1991
(a) Growth Rate 1960–1991
South Korea
Singapore
Japan
Israel
Canada
Brazil
West Germany
Mexico
United Kingdom
Nigeria
United States
India
Bangladesh
Chile
Rwanda
0
South Korea
Singapore
Japan
Israel
Canada
Brazil
West Germany
Mexico
United Kingdom
Nigeria
United States
India
Bangladesh
Chile
Rwanda
1
2
3
4
5
6 7
Growth Rate (percent)
0
10
20
30
40
Investment (percent of GDP)
Copyright©2003 Southwestern/Thomson Learning
25.3.2 Diminishing Returns and the Catch-Up
Effect
• As the stock of capital rises, the extra output
produced from an additional unit of capital falls;
this property is called diminishing returns.
• Because of diminishing returns, an increase in
the saving rate leads to higher growth only for a
while.
25.3.2 Diminishing Returns and the CatchUp Effect
• In the long run, the higher saving rate leads
to a higher level of productivity and income,
but not to higher growth in these areas.
25.3.2 Diminishing Returns and the CatchUp Effect
• The catch-up effect refers to the property
whereby countries that start off poor tend to grow
more rapidly than countries that start off rich.
25.3.3 Investment from Abroad
• Governments can increase capital accumulation
and long-term economic growth by encouraging
investment from foreign sources.
25.3.3 Investment from Abroad
• Investment from abroad takes several forms:
– Foreign Direct Investment
• Capital investment owned and operated by a
foreign entity.
– Foreign Portfolio Investment
• Investments financed with foreign money
but operated by domestic residents.
25.3.4 Education
• For a country’s long-run growth, education is at
least as important as investment in physical
capital.
– In the United States, each year of schooling
raises a person’s wage, on average, by about 10
percent.
– Thus, one way the government can enhance the
standard of living is to provide schools and
encourage the population to take advantage of
them.
25.3.4 Education
• An educated person might generate new ideas
about how best to produce goods and services,
which in turn, might enter society’s pool of
knowledge and provide an external benefit to
others.
25.3.4 Education
• One problem facing some poor countries is the
brain drain—the emigration of many of the
most highly educated workers to rich countries.
25.3.5 Property Rights and Political Stability
• Property rights refer to the ability of people to
exercise authority over the resources they own.
– An economy-wide respect for property rights is
an important prerequisite for the price system to
work.
– It is necessary for investors to feel that their
investments are secure.
25.3.6 Free Trade
• Trade is, in some ways, a type of technology.
• A country that eliminates trade restrictions will
experience the same kind of economic growth
that would occur after a major technological
advance.
25.3.6 Free Trade
• Some countries engage in . . .
– . . . inward-orientated trade policies, avoiding
interaction with other countries.
– . . . outward-orientated trade policies,
encouraging interaction with other countries.
25.3.7 Research and Development
• The advance of technological knowledge has led
to higher standards of living.
– Most technological advance comes from
private research by firms and individual
inventors.
– Government can encourage the development of
new technologies through research grants, tax
breaks, and the patent system.
CASE STUDY: The Productivity
Slowdown and Speedup
• From 1959 to 1973 productivity grew at a rate of
3.2 percent per year.
• From 1973 to 1995 productivity grew by only 1.5
percent per year.
• Productivity accelerated again in 1995, growing
by 2.6 percent per year on average during the
next six years.
CASE STUDY: The Productivity
Slowdown and Speedup
• The causes of the changes in productivity growth
are elusive.
• The slowdown cannot be traced to the factors of
production that are most easily measured.
• Many economists attribute the slowdown and
speedup in economic growth to changes in
technology and the creation of new ideas.
Figure 2 The Growth in Real GDP Per Person
Growth Rate
(percent
per year)
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0
1870– 1890– 1910– 1930– 1950– 1970–
1890
1910
1930
1950
1970
1990
1990–
2000
Copyright©2003 Southwestern/Thomson Learning
25.3.8 Population Growth
• Economists and other social scientists have
long debated how population growth affects
a society
25.3.8 Population Growth
• Population growth interacts with other factors
of production:
– Stretching natural resources
– Diluting the capital stock
– Promoting technological progress
Summary
• Economic prosperity, as measured by real GDP
per person, varies substantially around the world.
• The average income of the world’s richest
countries is more than ten times that in the world’s
poorest countries.
• The standard of living in an economy depends on
the economy’s ability to produce goods and
services.
Summary
• Productivity depends on the amounts of physical
capital, human capital, natural resources, and
technological knowledge available to workers.
• Government policies can influence the economy’s
growth rate in many different ways.
Summary
• The accumulation of capital is subject to
diminishing returns.
• Because of diminishing returns, higher saving
leads to a higher growth for a period of time, but
growth will eventually slow down.
• Also because of diminishing returns, the return
to capital is especially high in poor countries.
Questions for Reviews
Mankiw, chapter 25
1. 一国的GDP水平衡量什么？GDP的增长率衡量
什么？你愿意生活在一个高GDP水平而低增长
率的国家，还是生活在一个低水平而高增长率
的国家？
2. 什么是生产率？叙述决定生产率的四个因素？
答: (1)physical capital; (2) human capital; (3) natural
resources; (4) technological knowledge.
3. 大学学位是哪一种形式的资本？解释高储蓄如
何带来高生活水平。什么因素会阻碍决策者努
力提高储蓄率？
5.高储蓄率引起了暂时的高增长还是永远的高增长？
6.为什么取消关税这类贸易限制会引起更快的经济
增长？
7. 人口增长率如何影响人均GDP的水平？
答：1) stretching natural resources; (2) diluting the
capital stock; (3)promoting technological progress.
8. 说明一个政府努力鼓励技术知识进步的两种方
法。
9.Describe three ways in which a government policymaker
can try to raise the growth in living standards in a society?
答 ： 1 ) promoting saving and investment;2) encourage
investment from abroad; 3)education; 4)property rights and
political stability; 5)free trade; 6)research and development;
7)population growth (the advanced economies encourage
population growth; less developed countries discourage
population growth).
(Mankiw,ch.25,p559, problem 5.)
5.Suppose that society decided to reduce
consumption and increase investment.
a) How would this change affect economic growth?
b) What groups in society would benefit from this
change? What groups might be hurt?
5.Suppose that society decided
to reduce consumption and increase investment.
a) How would this change affect economic growth?
b) What groups in society would benefit from this
change? What groups might be hurt?
a).答： 当社会决定减少消费并增加投资时，更多
的资源用于生产资本品，结果，资本存量增加，
劳动者人均资本量增加促进劳动生产率和 GDP
更快增长。
b).答: 拥有资本品的人会从这种变化中获益，如
拥有较多的物质资本和人力资本的人。而那些
依靠政府援助的人将从这种变化中受损，因为
社会减少了现期物品与劳务的消费。
(Mankiw,ch.25,p559, problem 5.)
(Mankiw-Chapter25, p559,problem 7.) What is the
opportunity cost of investing in capital? Do you
think a country can “over-invest” in capital? What
in the opportunity cost of investing in human
capital? Do you think a country can “over-invest”
in human capital? Explain.
What is the opportunity cost of
investing in capital? Do you think a country can “overinvest” in capital? What in the opportunity cost of
investing in human capital? Do you think a country can
“over-invest” in human capital? Explain.
(Mankiw-Chapter25, p559,problem 7.)
答 : 投资于资本的机会成本是牺牲现期的物品和劳务
的消费。一国有可能对资本 “ 过度投资 ” 。
人力资本投资也有机会成本。当学生上学时，他们放
弃了本可以赚到的收入。即使在人力资本特别稀缺的
发展中国家，一国也不会对人力资本 “ 过度投
资 ”, 因为一国政府进行人力资本投资的方式是提
供更多更好的学校，并鼓励人们利用这些学校。尽管
受过良好教育的工人与未受过良好教育的工人之间的
工资差距很大，但是很多儿童在小小年纪就退学了，
因为他们需要用劳动来养家糊口。
(Mankiw-Chapter25, p559,problem 8.) Suppose
that an auto company owned entirely by German
citizens opens a new factory in South Carolina.
a. What sort of foreign investment would this
represent?
b. What would be the effect of this investment on
US.GDP? Would the effect on US.GNP be larger
or smaller?
(Mankiw-Chapter25, p559,problem 8.)
8.假设一家完全由德国公民拥有的汽车公司在美
国南卡罗来纳开办了一个新工厂。
A. 这代表了哪一种外国投资 ?
答 : 这代表了外国直接投资。
B. 这种技资对美国的GDP有什么影响?对美国GNP
的影响大还是小？
答 : 这种投资赚到的收入属于并不生活在美国
的德国公民，因此，这种投资增加了美国的
GDP。这种投资对美国GNP的影响小。