摘要:这是一篇经济增长对就业的影响的留学生assignment,简单的经济学能够解释一定的宏观经济目标,它是每个经纪人都渴望实现的。这些目标包括充分就业,价格稳定,国际收支平衡和经济增长的平衡。然而世界经济排列在这些目标之前,取决于这种经济体的发展水平。
all in the unemployment rate in a particular period, real GDP must grow approximately by 2% faster than the rate of growth of potential GDP.
The law can be stated mathematically below:
Using two versions, the first version is when output is below full employment (that is, the economy is operating inside the production possibility frontier) the unemployment will exceed the natural rate.
This has an equation:
100 (Y*-Y)/Y*=2(u-un)
Where u is measured in percentage points, i.e. u=5.5%.
un is the natural rate of unemployment
u is the unemployment rate
Y* is the full employment level of real GDP
Y is the real GDP
The lefthand side above is also called the output gap.
The second idea is that when output grows more slowly than the full employment output, unemployment will rise. This version is useful for forecasting
%Y=3-2 u
For every 2% that the growth of real GDP exceeds the rate of growth of full employment GDP over the course of a year, the rate of unemployment will fall by 1%.
THEORETICAL LITERATURE
The Endogenous Growth Model
The endogenous growth model looks at the major factors that affect economic Growth from within. Majorly the endogenous Model considers basically such factor as to affect growth externally. Such factors are investment in human capital, innovation, and knowledge which are significant contributors to economic growth. The model focuses on positive externalities and spillover effects of a knowledge based economy which will lead to economic development. The Robelo’s model, Romer’s, the AK model, the Lucas model e.t.c are examples of exogenous models. But for this work the exogenous model will be used, which is therefore stated briefly below.
Solow Swan Model of Economic
The Solow swan model is the model that will be used for this particular work. The Solow swan model came up with extensions and advancements to the Harrod Domar model by including labor as a factor of production and also said that the ratio between the capital to labor ratio is not fixed. This advancement in their model allows for intensity to be distinguished from technological progress. The Solow Sawn model considers both the supply and the demand side of the economy but they are more concerned about the supply side. It must also be of note that the production function can be used to explain part of the Solow Swan model
The Solow Swan model can be given mathematically below
The solow takes as a whole, the only commodity, in the economy.
K=sY --------------- (1)
Since output is produced with capital and labour, technological possibilities are represented by the production.
Y=F (K, L) --------------- (2)
That shows constant returns to scale.
Inserting equation (2) in (1), we have
K=sF (K, L) --------------- (3)
In equation (3), L represents total employment.
Since population is growing exogenously, the labour force increases at a constant relative rate n. Thus
L (t)=Locnt --------------- (4)
Where is n referred to by Solow as Harrod’s natural rate of growth in a
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