By Paul J.J. Welfens
Modern macroeconomics suffers from an doubtful hyperlink among non permanent Keynesian research and long term progress modelling. This e-book provides a brand new hyperlink among financial research and progress modelling in open economies. Structural switch, techniques and progress are thought of from a brand new point of view. With admire to monetary coverage - specifically innovation coverage - the research implies significant adjustments, pertaining to either ecu international locations and different prime OECD economies.
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It is thus true that under high inflation, maturity will strongly decline. Are there arguments why one should consider the implications of growth models? A classical argument is that the production potential and hence the production function will be a limiting factor of economic development in the long run. From this perspective, the accumulation of capital and knowledge is quite crucial. The latter in turn is linked to innovations. Another important argument for considering growth models is the phenomenon of ageing societies which is a global challenge, as ageing will characterize the majority of countries and people in the world economy in the 21st century.
The US and Western European countries still are leading countries in terms of per capita income, however, there is some international real income convergence (unfortunately leaving out most of Africa). With respect to the growth rate of per capita income, the EU and the US were roughly at par in the 1980s and 1990s. The US growth rate of real GNP exceeded that of the EU, however, since the US recorded considerable population growth while that of the EU was very low. Germany, France and Japan have almost caught up with the US in terms of per capita income.
Moreover, product innovations are likely to affect the speed of process innovations, as novel products can often be produced only on new machinery and equipment. 24 Innovations in Macroeconomics If two countries are to have the same level of the growth path and the same long run growth rate, the neoclassical growth model requires that a whole set of parameters should coincide across countries. It is not really clear which mechanisms could bring about such convergence of parameters, including convergence of the savings rate, the rate of capital depreciation and the growth rate of technological progress.