ch.12 313
at equal in growth model with tech progress the growth rate of output per worker i/e the growth in the standard of living is
-Ga -growth rate of tech progress
what will cause an increase in output per effective worker
-increase in savings rate -decrease in pop growth -decrease in rate of depreciation -decrease in rate of tech progress
production function y=f(k,NA) suppose A increases by 20% this increase implies
-the same output can be produced with 20% less labor -the effective quantity of labor has increased by 20%
what is constant when balanced growth is achieved
-y/na
-rate of depreciation 10% -pop growth rate 2% -growth rate of tech 3% what is level of invest needed to maintain constant capital per effective worker in this economy
.15k
once economy get balanced growth the growth rate of K/NA is
0
-rate of depreciation 10% -pop growth rate 2% -growth rate of tech 3% what is steady state growth rate of output per worker in this economy
3%
-rate of depreciation 10% -pop growth rate 2% -growth rate of tech 3% what equals the annual growth rate of effective labor in the steady state in this economy
5%
-rate of depreciation 10% -pop growth rate 2% -growth rate of tech 3% what is steady state growth rate of output in this economy
5%
at equal in the growth model with tech progress the growth rate of output equals
Ga+Gn
what is not constant when balanced growth is obtained
NA
what will cause a reduction in the steady growth rate of output per worker
a reduction in the rate of tech progress
production function y=f(k,NA) an increase in a represents
an increase in effective labor
output per worker in a country has grown at the same rate as tech over years this countries growth would be called
balanced growth
once economy has got balanced growth output per effective worker is
growing at a rate of 0
once economy has got balanced growth output per worker is
growing at a rate of Ga
once economy has achieve balanced growth the capital stock is/output is
growing at a rate of Ga+Gn
what represents the fertility of research
how R&D spending translates into new ideas
two ways countries with low standards of living can catch up to countries with higher standards of living are
improving their tech and accumulating capital
production function y=f(k,NA) for given state of tech constant returns to scale implies that output will increase by 7% when
k and n increase by 7%
patent protection is important for tech progress because it makes R&D
more appropiable
what represents a dimension of tech progress
new/better products, a large variety of products, larger quantities of output for given quantities of capital and labor
what best describes a situation where research is considered fertile
research that translates into many new products
the equal condition for the growth model allowing for tech change says that
savings per effective worker equals the amount of invest that is needed to keep the capital stock per worker constant
production function is written as Y/An=f(k/an) then equal and successive increases in k/an will cause
smaller and smaller increases in output
high growth in the rich countries from1950-2009 was likely due to
tech progress
what represents the appropibaility of research
the extent to which firms benefit from the results of their own R&D spending
what is true after an economy reaches a balanced growth equal
the growth rate of capital is equal to the growth rate of the effective work force
at equal in growth model with tech progress the growth rate of output equals
the pop growth rate plus the growth rate of tech progress