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Lecture 13: Technical progress and Growth

Lecture 13: Technical progress and Growth. Advanced Macroeconomics M.Sc. Programme in Environmental and Natural Resource Economics 1/2007 13 July 2007. outline. Growth accounting method Finding technical progress in growth Accounting for technical progress “New” growth factors

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Lecture 13: Technical progress and Growth

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  1. Lecture 13: Technical progress and Growth Advanced Macroeconomics M.Sc. Programme in Environmental and Natural Resource Economics 1/2007 13 July 2007

  2. outline • Growth accounting method • Finding technical progress in growth • Accounting for technical progress • “New” growth factors • Thailand’s experience

  3. Growth accounting method • The growth accounting equation • From the APO Study Try deriving Eq.2 from Eq.1, differentiation exercise.

  4. Finding technical progress in growth • The residual in the growth accounting equation • From above, TFPG is the Residual! • See what it looks like? • Back to the APO paper..

  5. And later ..

  6. Accounting for technical progress • What can explain TFPG? • Accounting methods do not account for quality changes, eg. Labour is skilled or unskilled, highly-educated and not much educated • Capital stock valuation-embodied/disembodied progress • Learning by doing • Anything else? E.g. X-efficiency,

  7. “New” growth factors • These are “new” growth factors • Many studies point to these factors • Eg. Knowledge economy • Innovation • Openness of economy • Governance of country/corruption and growth • Etc.

  8. Korea in the Global Context

  9. Thailand’s Growth experience • Bosworth’s paper is a good summary..

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