多恩布什《宏观经济学》第十版英文原版i04revised

《多恩布什《宏观经济学》第十版英文原版i04revised》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、CHAPTER4GROWTHANDPOLICYChapterOutline·Endogenousgrowththeory·Constantandincreasingreturnstoscale·Privateandsocialreturnstocapital·Absoluteandconditionalconvergence·Stableandunstableequilibria·Thepovertytrap·GrowthinAsia·Theroleofhumancapital·LimitstogrowthChangesfromthePreviousEditionCha

2、pter4hasbeenupdated,includingalltables.OldBox4-3onthegoldenrulehasbeenmovedtoChapter3asBox3-4.NewBox4-3dealswiththeroleofhumancapitalinthegrowthofIndiaandChina.IntroductiontotheMaterialThereisnoeasyexplanationforthefactthatdifferentcountriesexperiencewidevariationsintheireconomicgrowthra

3、tes.Chapter4setsouttoexplainwhatpolicyoptionscountrieshavetoaffecttheirgrowthinper-capitaincome.Industrialcountriesmayfarebestiftheydevoteresourcestoresearchanddevelopmentthatwillleadtotechnologicalimprovements.Developingcountries,ontheotherhand,mayachievebetterresultsbyinvestinginhumanc

4、apitalandgettingnewtechnologyeitherthroughdirectforeigninvestmentorbyborrowingfundstopayfornewphysicalcapital.Poorcountrieswithahighpopulationgrowthmayalsowanttoconsiderpopulationcontrolpolicies.Investmentinhumancapitalintheformofeducationalsoplaysacrucialrole;however,thisisalong-runstra

5、tegyandittakesaverylongtimetoreapitsbenefits.TheneoclassicaltheorydiscussedinChapter3makesitclearthattechnologicalprogressisessentialforlong-termgrowth.Itdoesnot,however,clarifywhichfactorsaffectthatprogress.Thereforetheneoclassicalgrowthmodel,whichtreatsthegrowthrateasexogenous,needstob

6、eexpandedtotakeintoconsiderationthewaysinwhichendogenous(self-sustained)growthcanbeenhanced.Theendogenousgrowthmodelusesaframeworkthatattemptstoexplainhowgovernmentpoliciesandeconomicbehaviorcancontributetotechnologicaladvances.Inordertodothis,themodelassumesthattheproportionofaneconomy'

7、sresourcesthatisdevotedtoresearchanddevelopmentdeterminestherateoftechnologicalprogressandthatthesteady-stategrowthrateisaffectedbytherateatwhichthefactorsofproductionareaccumulated.Themajorconclusionofendogenousgrowththeory(incontrasttothatofexogenousgrowththeory)isthat7