buad 5500, topic 6, economic growth
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GrowthSpring 2013
Topic 6
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What is growth?Short-run
Expansion in GDPLong-run
Expansion in productive potential
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Sources of short-run growth
Business cycle fluctuationsFiscal and monetary policy
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Sources of long-run growth
Factors of production
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Growth storiesWhy don’t resources matter?
The special case of “Dutch Disease”
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Growth storiesWhy savings might matter?
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Growth storiesWhy savings might matter?
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Growth storiesWhy savings might matter?
Catch-up model of growthProduction functionDiminishing marginal returns
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Growth storiesWhy savings might matter?
Managing the transition
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Growth storiesWhy savings might matter?
Lessons for the US?InnovationDoes it matter whose savings?
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Growth storiesPopulation and growth
Positive factor
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Growth storiesPopulation and growth
Negative factorsThinning of the capital stockDependency