Economic Growth II:Technology, Empirics, and Policy
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This presentation continues our analysis of the forces governing long-run economicgrowth. With the basic version of the Solow growth model with technological progress.
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- Indifference curves represent combinations of goods that provide equal utility. The slope of the indifference curve is the marginal rate of substitution (MRS).
- The budget constraint shows affordable combinations given prices and income. Utility is maximized at the point where the MRS equals the price ratio, where the indifference curve is tangent to the budget constraint.
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The Mundell-Fleming model is an extension of the IS-LM model that accounts for an open economy with international capital flows and exchange rates. It shows how fiscal and monetary policy can affect output and exchange rates under both fixed and flexible exchange rate regimes. Under flexible exchange rates, expansionary domestic policies may be offset by currency appreciation, while under fixed rates they may lead to balance of payments deficits. The model suggests using different combinations of fiscal and monetary policies to achieve objectives like boosting output while maintaining a stable currency value.
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2. It presents a simple two-sector general equilibrium model of an economy with two consumers, two goods, and two factors of production. Equations represent consumer demand, factor supply, factor demand, good supply, and market clearing for goods and factors.
3. With the number of equations equal to the number of unknowns, a general equilibrium solution exists in this Walrasian model under certain assumptions. GET provides a framework for understanding the complexity of economic systems through interdependent markets.
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National income is generated as households supply factors of production to firms and firms supply goods and services in return. Factors of production earn income which contributes to national income.
The circular flow of income shows how income and spending flow between households and firms. Income from the sale of goods leads to more spending, which generates more income and spending in a continuous cycle. Savings, investment, taxes, government spending, imports and exports can inject or withdraw from the circular flow and influence national income.
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Economic Growth II:Technology, Empirics, and Policy
- 1. ECONOMIC GROWTH II: TECHNOLOGY, EMPIRICS, AND POLICY Ridwan Islam Sifat ID: 16121036 Rahanuma Islam Mithila ID:16121035
- 2. CONTENTS • Introduction • Solow Growth Model • Technological Progress in the Solow Model • The Efficiency of Labor • The Steady State with Technological Progress
- 3. INTRODUCTION • Macroeconomics tend to adopt more approaches, with models often being developed with the intention of helping to explain one particular aspect of macro economy. • The first model that will a model of economic growth.
- 4. SOLOW GROWTH MODEL • The Solow growth model is a standard neoclassical model of economic growth developed by Robert Slow and Trevor Swan in 1956. • It has three basic sources for GDP: i) Labor (L) ii) Capital (K) Iii) Knowledge (A)
- 5. TECHNOLOGICAL PROGRESS IN THE SOLOW MODEL • The third source of economic growth is technological progress. • It is called the residual factor of economic growth. • Technological progress alters the relationship between inputs (capital and labor) and the output of goods and services and thus leads to exogenous increases to societies capacity to produce.
- 6. EFFICIENCY OF LABOR • To incorporate technological progress, we must return to the production function that relates total capital K and total labor L to total output Y. Thus far, the production function has been: Y = F(K, L). We now write the production function as: Y = F(K, L × E), where E is a new variable called the efficiency of labor.
- 7. • Suppose, K= 4 in both 1984 and 2011 L= 10 in 1984 and L= 1 in 2011 The old function F(K,L) will say that output is larger in 1984. • But we know that output is the same in both years because just one worker in 2011 can do the work of 10 workers of 1984. • We need a new production function : F(K, L × E)
- 8. • Assumption: the efficiency of labor grows at the constant and exogenous rate g. Example : if g= 0.02, then each unit of labor force 2 percent efficient each year : output increases as if the labor force had increased 2 percent. • This is called labor augmenting and ‘g’ is called the rate of labor augmenting technological progress. • The labor force ‘L’ is growing at rate ‘n’ and the efficiency of each unit of labor E is growing rate ‘g’. Effective number of workers L × E is growing at rate n+g.
- 18. REFERENCES