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