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1、I.20thCenturyEconomicsSelecteddata,theory,normsandpolicies(overview)I.1Some20thCenturyDataI.1.1LongtermgrowthtrendsRealGDPp.c.,1870–2001:USA,CND,AUS,J1990InternationalGeary–KhamisdollarsRealGDPp.c.,1870–2001:USA,CND,AUS,J1990InternationalGeary–Khamisdolla
2、rs logarithmicscaleRealGDPp.c.,1870–2001:F,D,I,UK1990InternationalGeary–Khamisdollars logarithmicscaleRealGDPp.c.,1870–2001:A,B,NL,CH1990InternationalGeary–Khamisdollars logarithmicscaleRealGDPp.c.,1870–2001:DK,FIN,N,S1990InternationalGeary–Khamisdollars
3、logarithmicscaleRealGDPp.c.,1870–2001:ARG,S1990InternationalGeary–Khamisdollars logarithmicscaleRealGDPp.c.,1870–2001:ARG,S1990InternationalGeary–KhamisdollarsGDPp.c.in1900and2001andaveragegrowthrate1990InternationalGeary-KhamisdollarsWhatarethefactorsofl
4、ongtermgrowth?Evidenceformostofthedevelopedcountries:RemarkableGDPgrowthin20thcenturyStrikingdifferencewithotherpartsoftheworldFactorsofgrowth:LaboursupplyandproductivityCapitalavailable(conditionedbynationalsavings)Capital/labourratioTechnologicalprogres
5、sandinnovationRemarkoninflation:USA,1900-1998Source:BlanchardGrowthandinflationin20thcenturyGrowth:since1870asubstantialincrease,especiallysince1950Pricelevels:untiltheoutbreakofWWI,thepricelevelstableandaverageinflationclosetozero;betweenWWIandWWIImuchlo
6、werstability,butaveragestillzeroAfterWWII:permanentgrowthofpricelevelHypothesis:stronglong-termgrowthmustbeaccompaniedbyalwayspositiveinflation?I.1.2ShorttermfluctuationsGDPgrowthUSA,1951-2003GDPgrowthEU15,1956-2003UnemploymentEU15aUSAGrowthandpublicdefic
7、it,USA1951-2003Growthandcurrentaccountdeficit“Asiantigers”Growth,inflation,CAD-CzechRepublicI.2EconomicTheoryandEconomicPoliciesI.2.1DescriptiveTheoryandModelsMicroeconomics(1)OnthelevelofindividualagentsandmarketsAssumptionsaboutbehaviour(peoplemaximizeu
8、tility,firmsmaximizeprofit)Walrasiangeneralequilibrium:Peoplemaximizeutilitygiventheincomeconstraints,consumptionontheutilitypossibilitiesfrontierFirmsmaximizeprofitsgiventheirtechnologyconstraints,outputontheproduc
