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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Economic Growth,“Once you start thinking about(growth),its hard to think about anything else.”,Robert E.Lucas,Lectures on Economic Growth,Solow framework:Growth through accumulation,Constant returns to scale+Decreasing returns to capital,steady state,Augmenting Solow:,Human capital,Geography/Resources/Terms of trade,Policies:Government consumption/Inflation/Openness/Aid,Institutions:Property rights/Legal origin/Extractive institutions/Inequality/Finance,Convergence and conditional convergence,Penn World Table(Heston and Summers):PPP measures of GDP,Technological advance,exogenous force driving growth,Solow residual,Joseph Schumpeter,1883-1950,Capitalist Dynamism-Creative destruction,A leap over marginalism and decreasing returns,Obstreperous student at U.of Vienna,Boehm-Bawerks seminarMarxs development theory,Advisor to Egyptian princess,Austrian Finance Minister 1920 hyperinflation,Krone gleich krone,President of failed bank,Itinerant professor-settled Harvard,Theory of Economic Development,1912,Stationary state,No profits,Enter the,entrepreneur,-the will to conquer,to create,Innovation,disruption of steady state Profits,Entry(“swarms”of followers Boom&Elimination of Profits New Steady-state,Capitalism,Socialism and Democracy,1942,Marxs influence:Capitalisms endogenous dynamism,But for Schumpeter,conflict and disruption,Change and G,RO,W,T,H,Capitalisms paradox:Capitalist rationalism/bureaucracy undermines private property,Capitalism self-destructs,Socialism prevails in long-run run by an elite,Business Cycles,(1939):,Inventions occur irregularly innovations come in waves,New ideas accumulate,Each,scientific,revolution is successively overthrown,Lumbering giants lose their driveHistory driven by,elites,not Marxian proles,Joseph Schumpeter:Gales of creative destruction,Leading economist of the 21,st,century?,Capitalism,then,is by nature a form or method of economic change and not only never is but never can be stationary.And this evolutionary character of the capitalist process is not due to a quasi-automatic increase in population and capitalThe fundamental impulse that sets and keeps the capitalist engine in motion comes from new consumers,goods,the new methods of production and transportation,the new markets,the new forms of industrial organization that capitalist enterprise creates.,The opening of new markets,foreign and domestic,from the craft shop and the factory to such concerns as US Steel illustrate the process of industrial mutation that incessantly revolutionizes the economic structure,from within,incessantly destroying the old one,incessantly creating a new one.This process of,creative destruction,is the essential fact about capitalism.,Every piece of business strategy must be seen in its role in the perennial gale of,creative destruction,;it cannot be understood on the hypothesis that there is a perennial lull.,More Schumpeter:,Economists are at long last emerging from the stage in which price competition was all they saw.As soon as quality competition and sales effort are admitted into the sacred precincts of theory,the price variable is ousted from its dominant position.,But in capitalist reality distinguished from its textbook picture,it is the competition from the new commodity,the new technology,the new source of supply,the new type of organization-competition which commands a decisive cost or quality advantage and which strikes not at the margins of the profits and the outputs of existing firms but at their foundations and very lives that counts.,it becomes a matter of comparative indifference whether competition in the ordinary sense functions more or less promptly;the powerful lever that in the long run expands output and brings down prices is in any case made of other stuff.,competition of the kind we now have in mind acts not only when in being but also when it is merely an ever-present threat.It disciplines before it attacks.,Schumpeter:A Vision without a(math)model,but,Economic science does(math)models,Solow:Steady state growth,but,Economic history suggests accelerating progress,Endogenous growth theory:Increasing returns,Paul Romer,Robert Lucas,Jr.,Endogenous Growth,Adam Smith,1776 Pin factory,Increasing returns,Alfred Marshall,1890,External,increasing returns,Allyn Young,1928,Cumulative Causation,Forward and backward linkages knowledge spreads,Division of labor across specialized firms also SMITH,Kenneth Arrow,1962,Learning-by-doing,Jane Jacobs,1969,The Economy of Cities,Agglomeration economies:ideas-interactions-applications-ideas,Paul David,1985,QWERTY,:Network externalities,Paul Romer,1986,1987:Knowledge externalities,Ideas embedded in cumulative capital,endogenous growth,Progress in new goods neo-Schumpeter monopolistic compet.,Robert Lucas,1988,Mechanics of Economic Growth,Learning from others,CBD rents,Paul Romer,http:/www.econtalk.org/archives/2007/08/romer_
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