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Ebook Macroeconomics - A european perspective: Part 2

(BQ) Part 2 book "Macroeconomics - A european perspective" has contents: Technological progress and growth; financial markets and expectations; expectations, output and policy; expectations, output and policy; exchange rate regimes, high inflation; monetary and fiscal policy rules and constraints,. and other contents. | www.downloadslide.com Chapter 13 TECHNOLOGICAL PROGRESS AND GROWTH Our conclusion in Chapter 12 that capital accumulation cannot by itself sustain growth has a straightforward implication: sustained growth requires technological progress. This chapter looks at the role of technological progress in growth: ● Section 13.1 looks at the respective role of technological progress and capital accumulation in growth. It shows how, in steady state, the rate of growth of output per person is simply equal to the rate of technological progress. This does not mean, however, that the saving rate is irrelevant. The saving rate affects the level of output per person – but not its rate of growth. ● Section 13.2 turns to the determinants of technological progress, focusing in particular on the role of research and development (R&D). ● Section 13.3 returns to the facts of growth presented in Chapter 11 and interprets them in the light of what we have learned in this and the previous chapter. www.downloadslide.com CHAPTER 13 TECHNOLOGICAL PROGRESS AND GROWTH 269 13.1 TECHNOLOGICAL PROGRESS AND THE RATE OF GROWTH In an economy in which there is both capital accumulation and technological progress, at what rate will output grow? To answer this question, we need to extend the model developed in Chapter 12 to allow for technological progress. To introduce technological progress into the picture, we must first revisit the aggregate production function. Technological progress and the production function Technological progress has many dimensions: ● ● ● ● It can lead to larger quantities of output for given quantities of capital and labour. Think of a new type of lubricant that allows a machine to run at a higher speed and so produce more. It can lead to better products. Think of the steady improvement in car safety and comfort over time. It can lead to new products. Think of the introductions of CD players, fax machines, ➤ The average number of items carried by a supermarket .