08_wmson_macro5c_im_ch08

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1、CHAPTER8IncomeDisparityamongCountriesandEndogenousGrowthKEYIDEASINTHISCHAPTER1.TheSolowgrowthmodelpredictsthatinthelongrunallcountrieshavethesamelevelofincomeperworkerandaggregateincomewillgrowatthesamerateacrosscountries.2.Empiricalevidence,however,isato

2、ddswithsuchaprediction.Theabsenceofconvergenceinthedatamayimplythattherearesignificantbarrierstotechnologyadoptionandinefficienciesintheallocationofresourcesacrossfirmsandindustries.3.Theendogenousgrowthmodelwithhumancapitalpredictstherecanbeunlimitedgrow

3、thinaggregateoutputandconsumptionevenwhenthereisnoincreaseintotalfactorproductivityandnopopulationgrowth.4.Accordingtotheendogenousgrowthmodel,governmentpoliciescanaltertherateofeconomicgrowthbyalteringtheefficiencyofhumancapitalaccumulationortheallocatio

4、noflabourtime.5.Intheendogenousgrowthmodel,percapitaincomesdonotconvergeacrossrichandpoorcountries,evenifcountriesareidenticalineverywayexceptinitiallevelsofhumancapital.NEWINTHEFIFTHEDITION1.Newchartsandtablestoincorporatenewdata.2.Newend-of-chapterprobl

5、ems.TEACHINGGOALSTheSolowmodelofeconomicgrowthprovidesseveraltestablehypothesesaboutdifferencesingrowthexperiencesacrosscountries.Identicalcountriesshouldhaveidenticallongrungrowthratesandstandardsofliving.Thereforeidenticalcountriesshouldconvergetothesam

6、elevelsofcapitalperworkerandincomeperworker.Differencesinequilibriumgrowthpathsrequiredifferencesinsavingsrates,populationgrowthrates,andlevelsoftechnology.Whiledifferencesinsavingsratesandpopulationgrowthratesmayaccountforsomedifferencesintheequilibriuml

7、evelsofincomeper-80-Copyright©2018PearsonCanadaInc.Chapter8:IncomeDisparityamongCountriesandEndogenousGrowthworker,suchdifferencescannotaccountfortheoftendramaticdifferencesweobserveinlivingstandardsthroughouttheworld.TheSolowmodelpredictsthat,giventhesam

8、etechnology,thepoorercountriesshouldbecatchinguptotherichercountries.Thispredictionisatoddswiththefacts.FortheSolowmodeltoexplainpersistent,dramaticdifferencesinlivingstandards,weneedtobelievethatpoorercountriesface