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ECON 1901 (7)
Lecture

02:26:14 Macro Notes.doc

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Department
Economics
Course
ECON 1901
Professor
Nathan Blascak
Semester
Spring

Description
02/24/14 Chapter 8 Solow growth model 1. production function increases as inputs increase 2. diminishing marginal product of capital capital- by capital : we mean “capital stock” -total amount of capital in an economy (value) capital stock= input GDP= output as capital stock goes up, GDP goes up - GDP increases by a lesser amount every time we add additional capital 3. population growth is constant means that labor force participation is also constant - percentage of the population that is part of the labor force 4. no foreign trade 5. no government expenditures Country does two things: 1.consumes its output 2.invests its output Focus on capital- output that is invested will be considered capit
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