Lecture 5 3

Lecture 5 3 - 1 Income per unit capital(Y/K does not change 2 Income per capita(Y/N and Capital per capita(K/N grow at constant rates 3 Rental

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ECO2021 Intermediate Macroeconomic Theory Lecture 5: Economic Growth 3 – Endogenous Growth Theory Professor Wallace K C Mok ECO2021 Intermediate Macroeconomic Theory Lecture 3: Economic Growth I Professor Wallace K C Mok Stylized Facts of Economic Growth International data (averaging over long period of time) suggest the followings
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Unformatted text preview: : 1. Income per unit capital (Y/K) does not change. 2. Income per capita (Y/N) and Capital per capita (K/N) grow at constant rates. 3. Rental price of capital (r) is constant. 4. Wages (w) grow at a constant rate 5. Rates of growth and levels of income vary substantially across countries (non-convergence)....
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This note was uploaded on 04/03/2011 for the course ECON 2021 taught by Professor Mok during the Spring '11 term at HKU.

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