08_wmson_macro5c_im_ch08

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1、Chapter8:IncomeDisparityamongCountriesandEndogenousGrowthCHAPTER8IncomeDisparityamongCountriesandEndogenousGrowthKEYIDEASINTHISCHAPTER1.TheSolowgrowthmodelpredictsthatinthelongrunallcountrieshavethesamelevelofincomeperworkerandaggregateincomewillgrowatthesamerateacrosscountries.2.Empiricalevid

2、ence,however,isatoddswithsuchaprediction.Theabsenceofconvergenceinthedatamayimplythattherearesignificantbarrierstotechnologyadoptionandinefficienciesintheallocationofresourcesacrossfirmsandindustries.3.Theendogenousgrowthmodelwithhumancapitalpredictstherecanbeunlimitedgrowthinaggregateoutputan

3、dconsumptionevenwhenthereisnoincreaseintotalfactorproductivityandnopopulationgrowth.4.Accordingtotheendogenousgrowthmodel,governmentpoliciescanaltertherateofeconomicgrowthbyalteringtheefficiencyofhumancapitalaccumulationortheallocationoflabourtime.5.Intheendogenousgrowthmodel,percapitaincomesd

4、onotconvergeacrossrichandpoorcountries,evenifcountriesareidenticalineverywayexceptinitiallevelsofhumancapital.NEWINTHEFIFTHEDITION1.Newchartsandtablestoincorporatenewdata.2.Newend-of-chapterproblems.TEACHINGGOALSTheSolowmodelofeconomicgrowthprovidesseveraltestablehypothesesaboutdifferencesingr

5、owthexperiencesacrosscountries.Identicalcountriesshouldhaveidenticallongrungrowthratesandstandardsofliving.Thereforeidenticalcountriesshouldconvergetothesamelevelsofcapitalperworkerandincomeperworker.Differencesinequilibriumgrowthpathsrequiredifferencesinsavingsrates,populationgrowthrates,andl

6、evelsoftechnology.WhiledifferencesinsavingsratesandpopulationgrowthratesmayaccountforsomedifferencesintheequilibriumlevelsofincomeperCopyright©2018PearsonCanadaInc.-87-Chapter8:IncomeDisparityamongCountriesandEndogenousGrowthworker,suchdifferencescannotaccountfortheoftendramaticdifferencesweob

7、serveinlivingstandardsthroughouttheworld.TheSolowmodelpredictsthat,giventhesametechnology,thepoorercountriesshouldbecatchinguptotherichercountries.Thispredictionisatoddswiththefacts.FortheSolowmodeltoexplainpersistent,dramaticdifference