Module Productivity and Growth KRUGMAN'S MACROECONOMICS for AP* 38 Margaret Ray and David Anderson.

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Presentation transcript:

Module Productivity and Growth KRUGMAN'S MACROECONOMICS for AP* 38 Margaret Ray and David Anderson

What you will learn in this Module : How changes in productivity are illustrated using an aggregate production function How growth has varied among several important regions of the world and why the convergence hypothesis applies to economically advanced countries

Accounting for Growth: The Aggregate Production Function Aggregate Production Function – shows how productivity depends on the Q of physical capital /worker Q of human capital/worker State of technology Diminishing Returns to Physical Capital – All else equal, as physical capital increases, aggregate output increases by a smaller amount

What About Natural Resources? What About Natural Resources? Other things equal, more natural resources leads to higher GDP per capita