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Economics 4 Pages

Comparison Between The Growth Of China And Hong Kong


Write a paper illustrating and comparing the difference of economic growth between china and Hong kong


Title: Comparison Between The Growth Of China And Hong Kong
Length: 4 pages (1100 Words)
Style: MLA


Answer 1

Calculate the initial values of y and k. Verify that the economy is on a balanced growth path.

k = 1600000/0.1 = 16,000,000

y= 160000001/2 = 4000

Suppose the savings rate rises to 50%. Calculate the values of y, k, actual investment (sy), and balanced-growth investment (nk) for the next year. (Hint: k1 = k0 + nk0 )

K= 16000000 + 0.5 X 16000000 = 24000000

y= 240000001/2 = 4899

When technological growth rate decreases, output reduces proportionately because the method of production becomes insufficient. Technological reduction results to loss of capital in the long run because more capital is used to produce less output.


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