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Understanding Productivity Growth in Macroeconomics

Explore the concept of productivity growth using an aggregate production function and discover the varying growth patterns in different regions of the world. Learn about the significance of the convergence hypothesis for advanced economies and the role of natural resources in economic development. Delve into case studies like East Asia's Miracle and Latin America's Disappointment to grasp the complexities of growth accounting.

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Understanding Productivity Growth in Macroeconomics

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  1. 38 ModuleProductivityand Growth • KRUGMAN'S • MACROECONOMICS for AP* Margaret Ray and David Anderson

  2. What you will learnin thisModule: • 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

  3. Accounting for Growth: The Aggregate Production Function • Aggregate Production Function • Diminishing Returns to Physical Capital • Growth Accounting • Total Factor Productivity

  4. Accounting for Growth: The Aggregate Production Function

  5. What About Natural Resources? • Other things equal, more natural resources leads to higher GDP per capita • Other things are often NOT equal • Malthus

  6. Success, Disappointment, and Failure • East Asia’s Miracle • convergence hypothesis • Latin America’s Disappointment • Africa’s Troubles

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