Fertility, Appropriability
research and development - depends on fertility and appropriability
- spending on research leads to new ideas >> not the same as spending on ma
Economics
Forum reference:
Book page:
http://course-notes.org/Economics
Production Function w/ Effective Labor
technological progress (A) -
- could result from better efficiency, higher quality, new products, more variety of products, etc
- state of tech
Effect of Saving Rate
general saving rate rules
- saving rate has no effect on long-run growth
- output growth in long run is equal to 0
- converge to
Capital Accumulation, Steady State
simplified output-capital relationship
- assumes that population and participation rate are constant, and there is no technological progress
Characteristics of Growth
aggregate production function - relation between output and inputs
- Y = F(K,N)
- K = capital, N = labor
- tr
Standard of Living
output per capita - more accurate measurement of standard of living than total
- adjusts for country's different sizes
- in comparing other coun
Trade Balance
foreign exchange – buying selling foreign assets/currency
Characteristics of Openness
exports/imports – now triple the amount half a century ago
Effects of Policy on Equilibrium in Open Economy
fiscal policy – assume increase of gov’t spending
Equilibrium in Open Economy
goods market equilibrium –
Pages
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