§21.1Galor-Zeira poverty trap
Galor-Zeira Poverty Trap5 eq
(21.1) ★
★ GZ utility (log)
★ GZ Utility (Log)
DRAFT
vc-passed
$$\mathbb{E}_t U_t(c(t), c(t+1)) = \log c(t) + \beta\, \mathbb{E}_t \log c(t+1)$$
Intuition
DRAFT — ★ Galor-Zeira log utility OLG.
3세 비유
DRAFT — ★ Galor-Zeira log utility OLG.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & Joseph Zeira (1993) | Income Distribution and Macroeconomics (RES) | DRAFT — credit market poverty trap. |
| Banerjee & Newman (1993) | Occupational Choice and the Process of Development (JPE) | DRAFT — wealth & occupational dynamics. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ Galor-Zeira log utility OLG.
(21.2)
GZ initial wealth
GZ Initial Wealth
DRAFT
vc-passed
$$W_i(0) = w(0)\, l_i,\ w(t) = (1-\alpha)\, K(t)^{\alpha}$$
Intuition
DRAFT — ★ initial wealth distribution.
3세 비유
DRAFT — ★ initial wealth distribution.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & Joseph Zeira (1993) | Income Distribution and Macroeconomics (RES) | DRAFT — credit market poverty trap. |
| Banerjee & Newman (1993) | Occupational Choice and the Process of Development (JPE) | DRAFT — wealth & occupational dynamics. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ initial wealth distribution.
(21.3) ★
★ ★ Threshold W*
★ ★ Threshold W*
DRAFT
vc-passed
$$W^* \equiv \frac{\xi}{1 - (q/Q)^{\beta/(1+\beta)}} > 0$$
Intuition
DRAFT — ★ ★ ★ GZ poverty trap threshold.
3세 비유
DRAFT — ★ ★ ★ GZ poverty trap threshold.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & Joseph Zeira (1993) | Income Distribution and Macroeconomics (RES) | DRAFT — credit market poverty trap. |
| Banerjee & Newman (1993) | Occupational Choice and the Process of Development (JPE) | DRAFT — wealth & occupational dynamics. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ ★ GZ poverty trap threshold.
(21.4)
★ Fraction below g_F
Fraction Below g_F
DRAFT
vc-passed
$$g_F(t) \equiv 1 - G(W^*/w(t)) = 1 - G(W^*/[(1-\alpha)\, K(t)^{\alpha}])$$
Intuition
DRAFT — ★ G distribution function.
3세 비유
DRAFT — ★ G distribution function.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & Joseph Zeira (1993) | Income Distribution and Macroeconomics (RES) | DRAFT — credit market poverty trap. |
| Banerjee & Newman (1993) | Occupational Choice and the Process of Development (JPE) | DRAFT — wealth & occupational dynamics. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ G distribution function.
(21.5) ★
★ K(t+1) dynamics
K(t+1) Dynamics
DRAFT
vc-passed
$$K(t+1) = \frac{\beta}{1+\beta}\, [q\, \int_{\chi(t)} l\, dG(l) + Q\, \int^{\chi(t)} l\, dG(l)]$$
Intuition
DRAFT — ★ K 동학 with safe q & risky Q.
3세 비유
DRAFT — ★ K 동학 with safe q & risky Q.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & Joseph Zeira (1993) | Income Distribution and Macroeconomics (RES) | DRAFT — credit market poverty trap. |
| Banerjee & Newman (1993) | Occupational Choice and the Process of Development (JPE) | DRAFT — wealth & occupational dynamics. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ K 동학 with safe q & risky Q.
§21.2Galor-Weil unified theory + Becker
Galor-Weil Unified Theory + Becker18 eq
(21.6) ★
★ ★ GW Becker quality-quantity
★ ★ GW Becker Q-Q
DRAFT
vc-passed
$$c(t)^{\beta}\, [y(t+1)\, n(t+1) - \frac{1}{2}\, \eta_0\, n(t+1)^2]$$
Intuition
DRAFT — ★ ★ Galor-Weil + Becker quality-quantity utility.
3세 비유
DRAFT — ★ ★ Galor-Weil + Becker quality-quantity utility.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ Galor-Weil + Becker quality-quantity utility.
(21.7)
GW Y
GW Y
DRAFT
vc-passed
$$Y(t) = Z^{\alpha}\, L(t)^{1-\alpha}$$
Intuition
DRAFT — Malthusian Y (Z 자원 고정).
3세 비유
DRAFT — Malthusian Y (Z 자원 고정).
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — Malthusian Y (Z 자원 고정).
(21.8)
L dynamics
L Dynamics
DRAFT
vc-passed
$$L(t+1) = n(t+1)\, L(t)$$
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — L 동학.
(21.9)
Wage = (1-α) L^(-α)
Wage = (1-α) L^(-α)
DRAFT
vc-passed
$$w(t+1) = (1-\alpha)\, L(t+1)^{-\alpha}$$
Intuition
DRAFT — ★ Malthusian wage.
3세 비유
DRAFT — ★ Malthusian wage.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ Malthusian wage.
(21.10) ★
★ Fertility n
Fertility n
DRAFT
vc-passed
$$n(t+1) = \frac{(1-\alpha)\, \eta_0^{-1}\, L(t+1)^{-\alpha}}{1+\alpha}$$
Intuition
DRAFT — ★ ★ Malthusian fertility.
3세 비유
DRAFT — ★ ★ Malthusian fertility.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ Malthusian fertility.
(21.11)
★ Steady-state L*
Steady-state L*
DRAFT
vc-passed
$$L^* \equiv (1-\alpha)^{1/\alpha}\, \eta_0^{-1/\alpha}$$
Intuition
DRAFT — ★ Malthusian steady state.
3세 비유
DRAFT — ★ Malthusian steady state.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ Malthusian steady state.
(21.12)
★ M-sector Y_M
M-Sector Y_M
DRAFT
vc-passed
$$Y_M(t) = X(t)\, S(t)$$
Intuition
DRAFT — ★ skilled M sector.
3세 비유
DRAFT — ★ skilled M sector.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ skilled M sector.
(21.13) ★
★ Q-Q with education
★ Q-Q with Education
DRAFT
vc-passed
$$c(t)^{\beta}\, [y(t+1)\, n(t+1) - \frac{1}{2}\, \eta_0\, (1-e(t)) + \eta_1\, X(t+1)\, e(t)]$$
Intuition
DRAFT — ★ ★ education trade-off.
3세 비유
DRAFT — ★ ★ education trade-off.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ education trade-off.
(21.14) ★
★ X dynamics
X Dynamics
DRAFT
vc-passed
$$X(t+1) - X(t) = \kappa\, S(t)$$
Intuition
DRAFT — ★ ★ skill-augmented productivity (UGT 핵심).
3세 비유
DRAFT — ★ ★ skill-augmented productivity (UGT 핵심).
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ skill-augmented productivity (UGT 핵심).
(21.15)
Unskilled wage
Unskilled Wage
DRAFT
vc-passed
$$w_U(t) = (1-\alpha)\, U(t)^{-\alpha}$$
Intuition
DRAFT — unskilled wage.
3세 비유
DRAFT — unskilled wage.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — unskilled wage.
(21.16)
Skilled wage
Skilled Wage
DRAFT
vc-passed
$$w_S(t) = X(t)$$
Intuition
DRAFT — ★ skilled wage.
3세 비유
DRAFT — ★ skilled wage.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ skilled wage.
(21.17)
Unskilled fertility
Unskilled Fertility
DRAFT
vc-passed
$$n_U(t+1) = w_U(t+1)\, \eta_0^{-1} = (1-\alpha)\, \eta_0^{-1}\, U(t+1)^{-\alpha}$$
Intuition
DRAFT — ★ unskilled fertility.
3세 비유
DRAFT — ★ unskilled fertility.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ unskilled fertility.
(21.18)
Skilled fertility
Skilled Fertility
DRAFT
vc-passed
$$n_S(t+1) = \eta_1^{-1}\, w_S(t+1)\, X(t+1)^{-1} = \eta_1^{-1}$$
Intuition
DRAFT — ★ ★ skilled fertility = constant.
3세 비유
DRAFT — ★ ★ skilled fertility = constant.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ ★ skilled fertility = constant.
(21.19)
★ Value functions V_U, V_S
V_U, V_S
DRAFT
vc-passed
$$V_U(t) = \frac{1}{2}\, (1-\alpha)^2\, \eta_0^{-1}\, U(t+1)^{-2\alpha},\ V_S(t) = \frac{1}{2}\, X(t+1)\, \eta_1^{-1}$$
Intuition
DRAFT — ★ value functions.
3세 비유
DRAFT — ★ value functions.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ value functions.
(21.20) ★
★ Pre-take-off condition
Pre-Take-off Condition
DRAFT
vc-passed
$$\eta_1^{-1}\, X(0) < (1-\alpha)^2\, \eta_0^{-1}\, (L^*)^{-2\alpha}$$
Intuition
DRAFT — ★ ★ X(0) 너무 작아 unskilled dominant.
3세 비유
DRAFT — ★ ★ X(0) 너무 작아 unskilled dominant.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ X(0) 너무 작아 unskilled dominant.
(21.21)
U dynamics
U Dynamics
DRAFT
vc-passed
$$U(t+1) = (1-\alpha)^{2/(1+\alpha)}\, \eta_0^{-1/(1+\alpha)}\, \cdots$$
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — U 동학.
(21.22)
S dynamics
S Dynamics
DRAFT
vc-passed
$$S(t+1) = (1 - u(t+1))\, n_S(t+1)\, L(t) = \eta_1^{-1}\, (1 - u(t+1))\, L(t)$$
Intuition
DRAFT — S dynamics.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — S dynamics.
(21.23) ★
★ ★ X dynamics (post-takeoff)
★ ★ X Dynamics (Post-Takeoff)
DRAFT
vc-passed
$$X(t+1) = (1-\alpha)^{2/(1+\alpha)}\, \eta_0^{-(1-\alpha)/(1+\alpha)}\, \eta_1\, u(t+1)\, \cdots$$
Intuition
DRAFT — ★ ★ ★ Galor-Weil 의 take-off.
3세 비유
DRAFT — ★ ★ ★ Galor-Weil 의 take-off.
Genealogy
| 인물 | 저작 | note |
|---|
| Oded Galor & David Weil (2000) | Population, Technology, and Growth (AER) | DRAFT — unified growth theory of demography. |
| Galor (2011) | Unified Growth Theory | DRAFT — UGT 통합 정리. |
| Becker (1960) | An Economic Analysis of Fertility | DRAFT — quality-quantity tradeoff. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ ★ Galor-Weil 의 take-off.
§21.3Migration + Roy occupational sorting
Migration + Roy Occupational Sorting9 eq
(21.24)
★ K dynamics + migration
K Dynamics + Migration
DRAFT
vc-passed
$$\dot K(t) = s\, F(K(t), L_U(t)) - \delta\, K(t)$$
Intuition
DRAFT — ★ Harris-Todaro K 동학.
3세 비유
DRAFT — ★ Harris-Todaro K 동학.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ Harris-Todaro K 동학.
(21.25)
Wage = MP_L
Wage = MP_L
DRAFT
vc-passed
$$w_U(t) = \frac{\partial F(K(t), L_U(t))}{\partial L_U}$$
Intuition
DRAFT — wage = MP_L.
3세 비유
DRAFT — wage = MP_L.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — wage = MP_L.
(21.26) ★
★ Migration ODE
Migration ODE
DRAFT
vc-passed
$$\dot L_R(t) = \begin{cases} -\mu\, L_R(t) & \text{if } w_U > w_R \\ \in [-\mu\, L_R, 0] & \text{if } w_U = w_R \\ 0 & \text{else} \end{cases}$$
Intuition
DRAFT — ★ Harris-Todaro migration dynamics.
3세 비유
DRAFT — ★ Harris-Todaro migration dynamics.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ Harris-Todaro migration dynamics.
(21.27)
★ k(t) ODE (per capita)
k(t) ODE
DRAFT
vc-passed
$$\dot k(t) = s\, f(k(t)) - (\delta + \mu)\, k(t)$$
Intuition
DRAFT — ★ migration-effective k 동학.
3세 비유
DRAFT — ★ migration-effective k 동학.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ migration-effective k 동학.
(21.28)
k condition no migration
k Condition No Migration
DRAFT
vc-passed
$$k(t) f'(k(t)) \leq B_A:\quad \dot k(t) = s\, f(k(t)) - \delta\, k(t)$$
Intuition
DRAFT — ★ no migration regime.
3세 비유
DRAFT — ★ no migration regime.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ no migration regime.
(21.29) ★
★ Threshold k-bar
★ Threshold k-bar
DRAFT
vc-passed
$$f(\bar k) - \bar k\, f'(\bar k) = B_A$$
Intuition
DRAFT — ★ ★ migration threshold.
3세 비유
DRAFT — ★ ★ migration threshold.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ migration threshold.
(21.30)
Stable hat-k
Stable hat-k
DRAFT
vc-passed
$$\frac{s\, f(\hat k)}{\hat k} = \delta$$
Intuition
DRAFT — ★ stable steady state.
3세 비유
DRAFT — ★ stable steady state.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ stable steady state.
(21.31) ★
★ Roy max problem
★ Roy Max Problem
DRAFT
vc-passed
$$\max_{[L(h)]} \int_0^{\bar h} A_h\, L(h)\, dh$$
Intuition
DRAFT — ★ Roy 모형 최적 노동 배분.
3세 비유
DRAFT — ★ Roy 모형 최적 노동 배분.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ Roy 모형 최적 노동 배분.
(21.32) ★
★ Roy constraints + ability
★ Roy Constraints + Ability
DRAFT
vc-passed
$$\int_0^{\bar h} L(h)\, dh = L,\ \int_0^{\bar h} h\, L(h)\, dh = H,\ A_h \leq \lambda_L + h\, \lambda_H$$
Intuition
DRAFT — ★ ★ Roy 의 자기 선택.
3세 비유
DRAFT — ★ ★ Roy 의 자기 선택.
Genealogy
| 인물 | 저작 | note |
|---|
| John Harris & Michael Todaro (1970) | Migration, Unemployment and Development (AER) | DRAFT — Harris-Todaro dual economy. |
| W. Arthur Lewis (1954) | Economic Development with Unlimited Supplies of Labour | DRAFT — Lewis dual economy. |
| Roy (1951) | Some Thoughts on the Distribution of Earnings | DRAFT — Roy model occupational sorting. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ Roy 의 자기 선택.
§21.4Acemoglu-Cao stagnation + lock-in
Acemoglu-Cao Stagnation + Lock-in19 eq
(21.33) ★
★ ★ AC Y
★ ★ AC Y
DRAFT
vc-passed
$$Y(t) = \int_0^1 A(\nu, t)^{\beta}\, x(\nu, t)^{1-\beta}\, d\nu$$
Intuition
DRAFT — ★ ★ Acemoglu-Cao 2015 Y.
3세 비유
DRAFT — ★ ★ Acemoglu-Cao 2015 Y.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ Acemoglu-Cao 2015 Y.
(21.34)
Markup price
Markup Price
DRAFT
vc-passed
$$p(\nu, t) = \chi > 1$$
Intuition
DRAFT — ★ markup χ.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ markup χ.
(21.35)
★ Profit
Profit
DRAFT
vc-passed
$$\pi(\nu, t) = \delta\, A(\nu, t)$$
Intuition
DRAFT — ★ AC 이윤 = δ × A.
3세 비유
DRAFT — ★ AC 이윤 = δ × A.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ AC 이윤 = δ × A.
(21.36)
★ Aggregate A growth
Aggregate A Growth
DRAFT
vc-passed
$$\bar A(t) = (1+g)\, \bar A(t-1)$$
Intuition
DRAFT — ★ AC 의 BGP A growth.
3세 비유
DRAFT — ★ AC 의 BGP A growth.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ AC 의 BGP A growth.
(21.37)
★ g definition
g Definition
DRAFT
vc-passed
$$g \equiv \eta + \bar \gamma - 1$$
Intuition
DRAFT — ★ growth = entrants + incumbents.
3세 비유
DRAFT — ★ growth = entrants + incumbents.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ growth = entrants + incumbents.
(21.38) ★
★ A dynamics (entry + incumb)
A Dynamics (Entry + Incumb)
DRAFT
vc-passed
$$A(\nu, t) = \eta\, \bar A(t-1) + \gamma\, A(t-1) + \varepsilon(\nu, t)$$
Intuition
DRAFT — ★ ★ AC 의 quality update.
3세 비유
DRAFT — ★ ★ AC 의 quality update.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ AC 의 quality update.
(21.39)
Difference equation a
Difference Equation a
DRAFT
vc-passed
$$a(t) = \frac{1}{1+g}\, [\eta + \gamma\, a(t-1)]$$
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — a 동학.
(21.40) ★
★ Stagnation regime switch
★ Stagnation Regime Switch
DRAFT
vc-passed
$$a(t) = \begin{cases} \frac{1}{1+g}\, [\bar \eta + \gamma\, a(t-1)] & \text{if } R(t) = 1 \\ \frac{1}{1+g}\, [\eta + \gamma\, a(t-1)] & \text{else} \end{cases}$$
Intuition
DRAFT — ★ ★ AC stagnation switch.
3세 비유
DRAFT — ★ ★ AC stagnation switch.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ AC stagnation switch.
(21.41)
Conditions
Conditions
DRAFT
vc-passed
$$\bar \eta > \eta,\ \gamma < \bar \gamma < 1+g$$
Intuition
DRAFT — wellposed.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — wellposed.
(21.42) ★
★ a-hat threshold
a-hat Threshold
DRAFT
vc-passed
$$\hat a \equiv \frac{\bar \eta - \eta}{\bar \gamma - \gamma} \in (0, 1)$$
Intuition
DRAFT — ★ ★ stagnation threshold.
3세 비유
DRAFT — ★ ★ stagnation threshold.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu & Cao (2015) | Innovation by Entrants and Incumbents (JET) | DRAFT — entrants vs incumbents creative destruction. |
| Aghion & Howitt (1998) | Endogenous Growth Theory | DRAFT — Schumpeterian framework. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ stagnation threshold.
(21.43)
Lock-in resource
Lock-in Resource
DRAFT
vc-passed
$$C(1) + I(1) \leq Y(1),\ C(2) \leq Y(2)$$
Intuition
DRAFT — ★ 2-period lock-in budget.
3세 비유
DRAFT — ★ 2-period lock-in budget.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ 2-period lock-in budget.
(21.44)
Two production techs
Two Production Techs
DRAFT
vc-passed
$$y(\nu, 1) = l(\nu, 1),\ y(\nu, 2) = l(\nu, 2)\ \text{(old)},\ \alpha\, l(\nu, 2)\ \text{(new)}$$
Intuition
DRAFT — ★ old vs new tech.
3세 비유
DRAFT — ★ old vs new tech.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ old vs new tech.
(21.45)
Labor constraint
Labor Constraint
DRAFT
vc-passed
$$\int_0^1 l(\nu, t)\, d\nu \leq L$$
Intuition
DRAFT — labor 한계.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — labor 한계.
(21.46)
★ ★ Discount factor
Discount Factor
DRAFT
vc-passed
$$\hat r = \beta^{-1} - 1$$
Intuition
DRAFT — ★ standard discount.
3세 비유
DRAFT — ★ standard discount.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ standard discount.
(21.47)
Variety demand
Variety Demand
DRAFT
vc-passed
$$y(\nu, 2) = p(\nu, 2)^{-\varepsilon}\, Y(2)$$
Intuition
DRAFT — Dixit-Stiglitz demand.
3세 비유
DRAFT — Dixit-Stiglitz demand.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — Dixit-Stiglitz demand.
(21.48) ★
★ Markup condition for new tech
★ Markup Condition for New Tech
DRAFT
vc-passed
$$\frac{\varepsilon}{\varepsilon - 1}\, \frac{1}{\alpha} > 1$$
Intuition
DRAFT — ★ new tech adoption 가능 조건.
3세 비유
DRAFT — ★ new tech adoption 가능 조건.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ new tech adoption 가능 조건.
(21.49)
Profit (period 2)
Profit (Period 2)
DRAFT
vc-passed
$$\pi(\nu, 2) = \frac{\alpha - 1}{\alpha}\, w(2)^{1-\varepsilon}\, Y(2)$$
Intuition
DRAFT — ★ period 2 이윤.
3세 비유
DRAFT — ★ period 2 이윤.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ period 2 이윤.
(21.50) ★
★ ★ Lock-in profit signs
★ ★ Lock-in Profit Signs
DRAFT
vc-passed
$$\pi^N < 0,\ \pi^I > 0$$
Intuition
DRAFT — ★ ★ ★ new < 0, incumbent > 0 — lock-in.
3세 비유
DRAFT — ★ ★ ★ new < 0, incumbent > 0 — lock-in.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ ★ new < 0, incumbent > 0 — lock-in.
(21.51)
★ Lock-in condition
Lock-in Condition
DRAFT
vc-passed
$$\frac{\beta\, \alpha\, L}{L - F} - \theta\, (\alpha - 1)\, L > F > \beta\, \frac{\alpha - 1}{\alpha}\, L$$
Intuition
DRAFT — ★ lock-in numeric condition.
3세 비유
DRAFT — ★ lock-in numeric condition.
Genealogy
| 인물 | 저작 | note |
|---|
| Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21.4) | DRAFT — technology lock-in. |
| David (1985) | Clio and the Economics of QWERTY (AER) | DRAFT — path dependence + lock-in 정전. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ lock-in numeric condition.
§21.5Banerjee-Newman wealth dynamics
Banerjee-Newman Wealth Dynamics9 eq
(21.52) ★
★ h(t+1) = e^γ Becker
h(t+1) = e^γ Becker
DRAFT
vc-passed
$$h_i(t+1) = \begin{cases} e_i(t)^{\gamma} & \text{if } e_i(t) \geq 1 \\ \bar h & \text{if } e_i(t) < 1 \end{cases}$$
Intuition
DRAFT — ★ Banerjee-Newman education return (with credit constraint).
3세 비유
DRAFT — ★ Banerjee-Newman education return (with credit co
Genealogy
| 인물 | 저작 | note |
|---|
| Banerjee & Newman (1993) | Occupational Choice (JPE) | DRAFT — wealth distribution + occupational dynamics. |
| Loury (1981) | Intergenerational Transfers (Econometrica) | DRAFT — heterogeneous human capital. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ Banerjee-Newman education return (with credit constraint).
(21.53)
★ Education = δ × wage
Education = δ × Wage
DRAFT
vc-passed
$$e_i(t) = \delta\, w_i(t) = \delta\, A\, h_i(t)$$
Intuition
DRAFT — ★ proportional savings rate.
3세 비유
DRAFT — ★ proportional savings rate.
Genealogy
| 인물 | 저작 | note |
|---|
| Banerjee & Newman (1993) | Occupational Choice (JPE) | DRAFT — wealth distribution + occupational dynamics. |
| Loury (1981) | Intergenerational Transfers (Econometrica) | DRAFT — heterogeneous human capital. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ proportional savings rate.
(21.54) ★
★ ★ Two-regime threshold
★ ★ Two-Regime Threshold
DRAFT
vc-passed
$$\delta\, A > 1 > \delta\, A\, \bar h$$
Intuition
DRAFT — ★ ★ ★ BN poverty trap 조건.
3세 비유
DRAFT — ★ ★ ★ BN poverty trap 조건.
Genealogy
| 인물 | 저작 | note |
|---|
| Banerjee & Newman (1993) | Occupational Choice (JPE) | DRAFT — wealth distribution + occupational dynamics. |
| Loury (1981) | Intergenerational Transfers (Econometrica) | DRAFT — heterogeneous human capital. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ ★ BN poverty trap 조건.
(21.55)
Constant saving rate
Constant Saving Rate
DRAFT
vc-passed
$$\delta\ \text{constant saving rate (capital investment)}$$
Intuition
DRAFT — ★ standard.
Genealogy
| 인물 | 저작 | note |
|---|
| Banerjee & Newman (1993) | Occupational Choice (JPE) | DRAFT — wealth distribution + occupational dynamics. |
| Loury (1981) | Intergenerational Transfers (Econometrica) | DRAFT — heterogeneous human capital. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ standard.
(21.56) ★
★ ★ x(t+1) bistable
★ ★ x(t+1) Bistable
DRAFT
vc-passed
$$x(t+1) = \begin{cases} b_u(x) = \delta((1+r)(w_u + x) + w_u) & \text{if } x < f \\ \cdots & \text{else} \end{cases}$$
Intuition
DRAFT — ★ ★ BN bistable wealth dynamics.
3세 비유
DRAFT — ★ ★ BN bistable wealth dynamics.
Genealogy
| 인물 | 저작 | note |
|---|
| Banerjee & Newman (1993) | Occupational Choice (JPE) | DRAFT — wealth distribution + occupational dynamics. |
| Loury (1981) | Intergenerational Transfers (Econometrica) | DRAFT — heterogeneous human capital. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ canonical bridge — ★ ★ BN bistable wealth dynamics.
(21.57)
Continuous y
Continuous y
DRAFT
vc-passed
$$y(t) = f(k(t), x(t))$$
Intuition
DRAFT — ★ 2-input Y.
3세 비유
DRAFT — ★ 2-input Y.
Genealogy
| 인물 | 저작 | note |
|---|
| Daron Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21) | DRAFT — stagnation 통합. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ 2-input Y.
(21.58)
x ODE
x ODE
DRAFT
vc-passed
$$\dot x(t) = g(k(t), x(t))$$
Genealogy
| 인물 | 저작 | note |
|---|
| Daron Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21) | DRAFT — stagnation 통합. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — x 동학.
(21.59)
k ODE
k ODE
DRAFT
vc-passed
$$\dot k(t) = s\, f(k(t), x(t)) - \delta\, k(t)$$
Genealogy
| 인물 | 저작 | note |
|---|
| Daron Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21) | DRAFT — stagnation 통합. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — k 동학.
(21.60)
★ Closing utility
Closing Utility
DRAFT
vc-passed
$$u = (1-\delta)^{-(1-\delta)}\, \delta^{-\delta}\, c^{1-\delta}\, b^{\delta}$$
Intuition
DRAFT — ★ Cobb-Douglas closing utility.
3세 비유
DRAFT — ★ Cobb-Douglas closing utility.
Genealogy
| 인물 | 저작 | note |
|---|
| Daron Acemoglu (2009) | Introduction to Modern Economic Growth (Ch.21) | DRAFT — stagnation 통합. |
Applications
- Galor-Zeira 1993 poverty trap
- Galor-Weil 2000 unified theory of demography
- Harris-Todaro 1970 migration
- Banerjee-Newman 1993 wealth + occupation
- Acemoglu-Cao 2015 entrants/incumbents
Civilizational Relevance
DRAFT — ★ Cobb-Douglas closing utility.