credit crunch - origins and orientation
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R = P/K P K
R
=
l +p+ d
i
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l p di
R
l
+ +
= .
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R
i R pl
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1960 1965 1970 1975 1980 1985 1990 1995 2000 200512
14
16
18
20
22
24
26
28
%
USA Avg. R
USA R*
R 2
1960 1965 1970 1975 1980 1985 1990 1995 2000 200514
16
18
20
22
24
26
28
30
%
GBR Avg. R
GBR R*
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1960 1965 1970 1975 1980 1985 1990 1995 2000 20055
10
15
20
25
30
35
40
%
JPN Avg. R
JPN R*
i R
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R
i R
p
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1960 1965 1970 1975 1980 1985 1990 1995 20000
0.5
1
1.5
2
2.5
3Growth of workforce
Growthratein%
USA
Japan
China
India
nl p
n l p d i R
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