2nd Year Macroeconomics Chapter 7

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15 Terms

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Malthusian Production Function

Y = zF(L, N)

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Population and Per-Capita Consumption Growth Relationship

N’/N = g(C/N)

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Malthusian Per Worker Production Function

y = zf(l)

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Output Per Worker

Y/N

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Land Per Worker

L/N

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Consumption Per Worker

C/N

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Malthusian Equilibrium Condition

zf(l) = c

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Consumption-Savings Behavior

C = (1 − s)Y

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Per Worker Production Function

 y = zf(k)

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Investment to Savings Relationship

I = sY

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Steady-State Quantity of Capital Per Worker

k’ = [szf(k)]/(1 + n) + [(1 - d)k]/(1 - n)

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Solow Growth Distribution Of Income

Yi = MPKNi + MPNNi

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Capital Share Of National Income

CAPS = kMPK / zf(k)

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Cobb-Douglas Production Function

Y = szF(K, N) = zK𝛼N(1-𝛼)

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Solow Residual Formula

z = Y / 𝑘𝛼𝑁(1−𝛼)