- Jun 2021
Start of OS content (late 7.3), runs to the end of the section
Caption: "Figure 7.6 Physical Capital per Worker in the United States The value of the physical capital, measured by plant and equipment, used by the average worker in the U.S. economy has risen over the decades. The increase may have leveled off a bit in the 1970s and 1980s, which were, not coincidentally, times of slower-than-usual growth in worker productivity. We see a renewed increase in physical capital per worker in the late 1990s, followed by a flattening in the early 2000s. (Source: Center for International Comparisons of Production, Income and Prices, University of Pennsylvania)"
Caption: "Figure 7.5 Human Capital Deepening in the U.S. Rising levels of education for persons 25 and older show the deepening of human capital in the U.S. economy. Even today, under one-third of U.S. adults have completed a four-year college degree. There is clearly room for additional deepening of human capital to occur. (Source: US Department of Education, National Center for Education Statistics)"
In the lecture notes, Giacomo says "The logic behind decreasing returns is that, if K increases while holding L fixed machines per worker and worker productivity falls." I don't have great clarity on what "worker productivity falls" truly means and don't want to put something incorrect--fill in once lecture videos are out
hen a new technology is created to increase productivity, many firms can benefit from the new technology aside from the firm that created it.
This example is taken from lecture (the pollution example is from OS Micro)
We should actually define spillover somewhere
nternal forces create the potential for a production function with increasing returns.
This is a shortened version of the full definition to avoid vocab words we haven't defined yet
Growth Comes From Within
Starting off with Giacomo's slide content
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