University of Massachusetts Classical-Marxian Growth Model Report
Description
Classical-Marxian Growth ModelWrite down the five equations that represent the Classical-Marxian model with the full employment assumption. What are the five endogenous variables? What are the exogenous parameters? Provide an algebraic solution of the model.Provide a graphical solution of the model. After that, answer the following questions. Suppose there is an increase in the growth rate of labor supply (n)Show and explain the effect on the endogenous variables. Be sure you explain what happens to the rate of accumulation (and hence the growth rate of output) graphically. Be sure to provide the intuitive explanation as well. Explain the adjustment mechanism that ensures the full employment in the model when there is an increase in the natural growth rate (n).FOLOW ATTACHED SOME OF MY NOTES
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END :
09
0 gi
9 gNigk
Wg=y-r Rs
gk, gn, gw, Ws, w
? gN=N
EVO:
gk = 5cv
Rs, y , Ng Sc
?
? gk=n
OV:
guan
Sc
gn=gi
6 Ws=y-NRs
Sc
gkasca
gk=5rs
SSLOP? S
gy =gNagr
(N
fy?
V gk va
EN
Sc
YC+I+G
? Ratio
Sc V v
y=bx
/
( lyzax
Schedule
V
Scînd W.
END:
0 0 g
gco 2
g Nigk
Wg ag -r Rs
gk, gn, gw, Ws, u
+ @onen
EXO:
9 gk = scu
guan
Rs, y ,N,Sc
?
ge=w
@v=n
go=gi (N&L)
Sc
6 wsty -NRS
Sc
Ikisch
gk=sch
SSCOP? SC
gy =gNagr
1
V gk v zN ?
v
?
Sc
Îs=I Î -> gk Î= g’nî >9,=
0.15
11
0.15
EXCESS
DEMAND OF
LABOR CNDL)- =
gk=gn=gLaN ~(N=476
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Tags:
Econometric
income
Growth model
endogenous variable
Equilibrium in demand and supply
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