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1、Chapter3课后习题答案SolutionstotheProblemsintheTextbookConceptualProblems1.Aproductionfunctionprovidesaquantitativelinkbetweeninputsandoutput.Forexample,theCobb-Douglasproductionfunctionmentionedinthetextisoftheform:Y=F(N,K)=AN1-qKq.Inthisfunction,Yrepresentsthelevelofout
2、put,1-qandqareweightsequaltothesharesoflabor(N)andcapital(K)inproduction,whileAmeasuresallothercontributionstooutput,inparticularthatoftechnology.Itcanbeshownthatlaborandcapitaleachcontributetoeconomicgrowthbyanamountthatisequaltotheirindividualgrowthratesmultiplied
3、bytheirrespectivesharesinincome.2.TheSolowgrowthmodelpredictsconvergence,thatis,countrieswiththesameproductionfunction,savingsrate,andpopulationgrowthwilleventuallyreachthesamelevelofincomepercapita.Inotherwords,apoorcountrymayeventuallycatchuptoaricheronebysavingat
4、thesamerateandmakinguseofthesametechnologicalinnovations.However,ifthesecountrieshavedifferentsavingsrates,theywillreachdifferentlevelsofincomepercapita,eventhoughtheirlong-termeconomicgrowthrateswillbethesame.3.Aproductionfunctionthatomitsthestockofnaturalresources
5、cannotadequatelypredicttheimpactofasignificantchangeintheexistingstockofnaturalresourcesontheeconomicperformanceofacountry.Forexample,thediscoveryofnewoilreservesoranentirelynewresourcewouldhaveasignificantpositiveeffectonacountry’slevelofGDPthatcouldnotbepredictedb
6、ysuchaproductionfunction.4.InterpretingtheSolowresidualpurelyastechnologicalprogresswouldignore,forexample,theimpactthathumancapitalhasonthelevelofoutput.Inotherwords,thisresidualnotonlycapturestheeffectoftechnologicalprogressbutalsotheeffectofchangesinhumancapital(
7、H),achievedthroughmoreeducationortraining,onthegrowthrateofoutput.Toeliminatethisproblemwecanexplicitlyincludehumancapitalintheproductionfunction,suchthatY=F(K,N,H)=ANaKbHcwitha+b+c=1.Inthiscase,thegrowthrateofoutputcanbecalculatedasDY/Y=DA/A+a(DN/N)+b(DK/K)+c(DH/H)
8、.Clearly,herethemagnitudeofDA/AisdifferentfromthatderivedfromthesimpleSolowgrowthmodelusingtheproductionfunctionY=F(K,N)=ANaKb.5.Thesaving
