西方经济学(宏观)课件CHAPTER09.ppt

CHAPTER 9
LONG-RUN
ECONOMIC GROWTH
Slide 1
What You Will Learn in this Chapter:
How long-run growth can be measured by the increase in real GDP per capita, how this measure has changed over time, and how it varies across countries
Why productivity is the key to long-run growth, and how productivity is driven by physical capital, human capital, and technological progress
The factors that explain why growth rates differ so much among countries
How growth has varied among several important regions of the world and why the convergence hypothesis applies to economically advanced countries
2
Comparing Economies Across Time and Space
3
Canadian Real GDP per Capita
4
e Around the World
5
Growth Rates
How did Canada manage to produce nearly eight times more per person in 2000 than in 1900, a nearly 700% increase in real GDP per capita?
A little bit at a time
Long-run economic growth is normally a gradual process, in which real GDP per capita grows at most a few percent per year
During the twentieth century, real GDP per capita in Canada increased at an average of % each year
6
Rule of 70
The Rule of 70 tells us the time it takes a variable that grows gradually over time to double is approximately 70 divided by that variable’s annual growth rate
7
Average Annual Growth Rates of Real GDP per Capita, 1975–2003
8
Economics in Action: The Luck of the Irish
In the eenth century, Ireland was desperately poor.
Even as late as the 1970s, Ireland remained one of the poorest countries in Western Europe, poorer than Latin American countries such as Argentina and Venezuela.
But for the last few decades real GDP per capita has grown almost as fast in Ireland as in China, and all that growth has made Ireland richer than most of Europe: Real GDP per capita IN Ireland is now higher than in the United Kingdom, France, and Germany.
Why has Ireland, after centuries of poverty, done so well?
A very good infrastructure and human capital
9
The Sources of Long-Run Grow