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1、GrowthandTradeEconomicGrowthWhatpartofthegrowthintotaloutputisattributabletothegrowthindifferentfactorsofproduction?Economicgrowthresultsfromtheaccumulationofthefactorsofproductionandfromincreasesinproductivity.Economicgrowth,whichwecandefineasthegrowthoftheecono
2、my'spotentialorfullemploymentoutputoveralongperiodoftime,isdeterminedbythefollowing(fromKennedy,MacroeconomicEssentials):·Anincreaseinthesizeofthelaborforce.Thereareanumberofforcesatworkhere,includingimmigrationpolicies,taxincentives,retirementbenefits,andday-car
3、esubsidies.·Anincreaseinthequalityofthelaborforce.Here,wearetalkingabouttrainingandretrainingprograms,andtechnologicalchange,amongotherthings.Laborproductivity=theratioofoutputtolaborinput.Howdoeslaborproductivitygrow?Itgrowsasaresultofcapitalaccumulationperworke
4、r,education(in-classandon-the-jobtraining),andtechnologicalprogress.·Anincreaseinthesizeofthestockofphysicalcapital.Thismeansmorebuildings,machinery,toolsandthelike,anditssizecanbeincreasedbytaxincentivesforinvestmentandforsaving,lowerinterestrates,expensingofphy
5、sicalcapital,andaccelerateddepreciationofcapitalequipment.Savingsratesandpopulationgrowthratesdeterminecapitalaccumulation.·Anincreaseinthequalityofthecapitalstock.ThiscanoccurthroughsuchthingsastaxincentivesforR&D,andtechnologicalchangeembodiedinnewercapital.·Im
6、provementsinthewaycapitalandlaborarecombinedtoproduceoutput.Manythingscanbeincludedhere,suchaseconomiesofscale,greaterdivisionoflabor,betterlabor/managementrelations,andjust-in-timeinventorypolicies.·Totalfactorproductivity(alsoknownastechnicalprogress).Totalfact
7、orproductivityisnotlaborproductivity(realGDPdividedbylabor),norisitcapitalproductivity(realGDPdividedbyphysicalcapital).Instead,itisrealGDPdividedbyageometricweightedaverageofthefactorsofproduction,whereeachfactor'sweightistheshareofnationalincomethatispaidtoit.A
8、notherwaytolookatitistosaythattotalfactorproductivitytellsusbyhowmuchoutputwillincreasewhenweseeimprovementsinthemethodsofproductionwithallinputsunchanged.Inot
