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1、GrowthGrowthThefirstpartofthecourseisabouttheLongRun.Overthelast100yearsoutputpercapitaintheUShasIntheLongRun,outputisdeterminedbythefactorsofgoneupnearly6fold.Thisistheresultofabout2%production.peryeargrowth.Wehavebeenassumingthatacountry'sendowmen
2、tsoftechnology,capital,andlaborwerefixed.TheabilitytogrowconsistentlyovertimeiswhatmakesInthislecture,wearegoingtoallowcapitaltovary.somecountriesrichandkeepsotherpoor.Later,wewillalsoallowtechnologyandpopulation(labor)tovary.1Macroeconomics--FeyrerSe
3、ptember27,20102Macroeconomics--FeyrerSeptember27,201015,000Korea,SriLankaandNiger10,00019602008GrowthGDPCGDPCRateKorea1,49513,4435.8%RealGDPpercapita5,000SriLanka1,3333,0752.2%Niger1,624830-1.8%0195019601970198019902000yearKoreaSriLankaNiger3Macroeconom
4、ics--FeyrerSeptember27,20104Macroeconomics--FeyrerSeptember27,201020,000Taiwan,DominicanRepublic,andMadagascar15,00019602008Growth10,000GDPCGDPCRateTaiwan1,43017,0556.5%RealGDPpercapitaDomRep1,6944,6772.7%5,000Madagascar1,239824-1.1%01950196019701980199
5、02000yearTaiwanDomRepublicMadagascar5Macroeconomics--FeyrerSeptember27,20106Macroeconomics--FeyrerSeptember27,2010125,000Taiwan,DominicanRepublic,andMadagascar20,00015,00019602008GrowthGDPCGDPCRateRealGDPpercapitaItaly6,88921,2663.0%10,000Argentina7,372
6、11,6391.2%Venezuela7,8406,8630.0%5,000195019601970198019902000yearItalyArgentinaVenezuela7Macroeconomics--FeyrerSeptember27,20108Macroeconomics--FeyrerSeptember27,2010GrowthForthenextseverallectures,wearegoingtotalkaboutthedeterminantsofeconomicgrowth.
7、Whyaresomecountriesrich,whileothercountriesarepoor?Whydosomerelativelyrichcountriesbecomepoor?CouldtheUSgointodecline?9Macroeconomics--FeyrerSeptember27,201010Macroeconomics--FeyrerSeptember27,2010CapitalandInvestmentCapitalandInvestmentLasttime,wes
8、aidthatKwasfixed.ButwealsosaidIntheshortrun,CapitalandInvestmentareunrelated.thatsomeofoutputisdevotedtoinvestmentinnewcapital.Inthelongrun,thelevelofthecapitalstockisdeterminedbythelevelofinvestment.Capitalisastock.Thatis,wem
