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Question from Past Macroeconomics Qualifying Exam (Fall, 2002 - Question six) at George Mason UniversityEdit

What determines productivity according to the following models:

  • a. The Solow growth model?
  • b. The Ramsey-Cass-Koopmans model of growth?
  • c. A growth model with human capital?
  • d. An endogenous growth model?
  • e. A New Economy growth model?
  • f. Which of these models has had the greatest empirical success in explaining recent productivity growth in the United States? Explain.

AnswerEdit

  • a. Productivity is exogenously determined. It is given as a parameter of the model
  • b. Same as the Solow model
  • c. Human capital is increased through education and training.
  • d. Computers are a larger portion of the productivity environment. These help humans funciton at highest levels of productivity with complementary humnan capital accumulation in the opperations of these devices.
  • e. .....
  • f. Recent economic growth has as much to do with the new economy as it does with any of the other models (it at least makes an attempt to explain the Solow residual). Solow is the standard model for growth, so it should explain much.

Other QuestionsEdit

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