Saving, capital accumulation and output
6 important questions on Saving, capital accumulation and output
What are the 2 relations between output and capital in the longrun?
2. The amount of output determines the amount of saving and capital being accumulated over time
What are 2 assumptions on the relationship between output and capital?
2. NO technological progress, so the production function f doesn't change over time
3 assumptions from the relation between output and investment
2. Public saving is zero, thus I = S
3. Private saving is proportional to income, so S = sYt
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What does the savings rate, s, capture?
2. Richer countries do not have higher or lower saving rates than poorer countries
The change in capital per worker from current year to next year depends on the difference between two terms:
2. If investment per worker is less than depreciation per worker: capital per worker decreases
What are 2 ways for the government to affect saving?
2. They can use taxes to affect private saving
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