Production and Growth
曼昆 - 经济学原理 25
Summary of Chapter 25 - Production and Growth
关键词:
productivity: 生产力
physical capital: 实物资本
human capital: 人力资本
natural resources: 自然资源
technological knowledge: 技术知识
Because of differences in growth rates, the ranking of countries by income changes substantially over time. The world’s richest countries have on guarantee they will stay the richest and that the world’s poorest countries are not doomed forever to remain in poverty.
The explanation of the large variation in living standard around the world can be summarized in a single word - productivity. Productivity is the quantity of goods and services produced from each unit of labor input.
Determinants of productivity:
- Physical capital per worker. Physical capital is the stock of equipment and structures that are used to produce goods and services. An important feature of capital is that it is a produced factor of production. That is, capital is an input into the production process that in the past was an output from the production process.
- Human capital per worker. Human capital is the knowledge and skills that workers acquire through education, training and experience. Like physical capital, human capital is a produced factor of production. Producing human capital requires inputs in the form of teachers, libraries and student time.
- Natural resources per worker. Natural resources are the inputs into the production of goods and services that are provided by nature, such as land, rivers and mineral deposits. Although natural resources can be important, they are not necessary for an economy to be highly productive in producing goods and services.
- Technological knowledge. Technological knowledge is society’s understanding of the best ways to produce goods and services.
Government policies can try to influence the economy’s growth rate in many ways: by encouraging saving and investment, encouraging investment from abroad, fostering education, promoting good health, maintaining property rights and political stability, allowing free trade, promoting the research and development of new technologies, and controlling population growth.


