Macroeconomics 6 Economic Growth I

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Created by easy college study Last updated Sat, 26-Oct-2019 Chinese
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Curriculum for this course
5 Lessons 01:15:00 Hours
Macroeconomics 6 Economic Growth I-1
1 Lessons 00:15:00 Hours
  • Macroeconomics 6 Economic Growth I-1 00:15:00
  • Macroeconomics 6 Economic Growth I-2 00:15:00
  • Macroeconomics 6 Economic Growth I-3 00:15:00
  • Macroeconomics 6 Economic Growth I-4 00:15:00
  • Macroeconomics 6 Economic Growth I-5 00:15:00
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Description

Macroeconomics 6 Economic Growth I

  • What causes the differences in income over time and across countries?
  • In lecture 2, identified the factors of production—capital and labor—and the production technology as the sources of the economy’s output and, thus, of its total income
  • Differences in income, then, must come from differences in capital, labor, and technology.
  • Our primary task in the lecture is to develop Solow Growth Model to understand economic growth in the very long run.
  • In lecture 2, we describe how the economy produces and uses its output at one point in time. But we broaden our analysis over time in the lecture.
  • The Solow growth model shows how saving, population growth, and technological progress affect the level of an economy’s output and its growth over time
  • Solow model: Economic growth = capital stock + population growth + technological progress
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