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Unformatted text preview: change and population growth (population = # of workers) (1) Y = K " (AL) 1-" v v (2) L = n , A = g S= s Y, C = (1 - s) Y (3) K = s Y - * K Define new variables : k = K / L A (capital per effective unit of labor), y = Y / L A (output per effective unit of labor) (4) k = s y - ( * + n + g) k...
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This note was uploaded on 05/15/2008 for the course ECON 365 taught by Professor Muniagurria during the Spring '07 term at Wisconsin.
- Spring '07