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1、Chapter12/ProductionandGrowth❖21925PRODUCTIONANDGROWTHWHAT’SNEWINTHESEVENTHEDITION:ThereisanewIntheNewsboxon“DoesFoodAidHelporHurt?”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øhowmucheconomicgrowthdiffersaroundtheworld.Øwhyproductivityisthekeydeterminantofacountry’sst
2、andardofliving.Øthefactorsthatdetermineacountry’sproductivity.Øhowacountry’spoliciesinfluenceitsproductivitygrowth.CONTEXTANDPURPOSE:Chapter12isthefirstchapterinafour-chaptersequenceontheproductionofoutputinthelongrun.Chapter12addressesthedeterminantsofthelevelandgrowthrateofoutput.Wefindth
3、atcapitalandlaborareamongtheprimarydeterminantsofoutput.InChapter13,weaddresshowsavingandinvestmentincapitalgoodsaffecttheproductionofoutput,andinChapter14,welearnaboutsomeofthetoolspeopleandfirmsusewhenchoosingcapitalprojectsinwhichtoinvest.InChapter15,weaddressthemarketforlabor.Thepurpose
4、ofChapter12istoexaminethelong-rundeterminantsofboththelevelandthegrowthrateofrealGDPperperson.Alongtheway,wewilldiscoverthefactorsthatdeterminetheproductivityofworkersandaddresswhatgovernmentsmightdotoimprovetheproductivityoftheircitizens.KEYPOINTS:·Economicprosperity,asmeasuredbyGDPperpers
5、on,variessubstantiallyaroundtheworld.Theaverageincomeintheworld’srichestcountriesismorethantentimesthatintheworld’spoorestcountries.BecausegrowthratesofrealGDPalsovarysubstantially,therelativepositionsofcountriescanchangedramaticallyovertime.©2012CengageLearning.AllRightsReserved.Maynotbesc
6、anned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter12/ProductionandGrowth❖219·Thestandardoflivinginaneconomydependsontheeconomy’sabilitytoproducegoodsandservices.Productivity,inturn,dependsontheamountsofphysicalcapital,humancapital,naturalresources,andtechn
7、ologicalknowledgeavailabletoworkers.·Governmentpoliciescantrytoinfluencetheeconomy’sgrowthrateinmanyways:byencouragingsavingandinvestment,encouraginginvestmentfromabroad,fosteringeducation,promotinggoodhealth,maintainingpropertyrightsandpoliticalstabilit
