ECON 2300 Lecture Notes - Lecture 4: Total Factor Productivity, Penn World Table, Factors Of Production
Document Summary
Econ 2300 lecture 4 notes - the steady state effects of an increase in total factor. In contrast to the malthusian model, where the gains from technological advance are dissipated by a higher population, the solow model gives a more optimistic outlook for increases in the standard of living over time. If technological advances can be sustained for such a long period, there appears to be no reason why these advances cannot occur indefinitely into the future. The solow growth model, investment rates, and population growth: now that we know something about the predictions that the solow growth model makes, we can evaluate the model by matching its predictions with the data. It has only been relatively recently that economists have had access to comprehensive national income accounts data for essentially all countries in the world: the penn world tables, which are the work of alan heston, robert summers, and.
