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{"ops":[{"insert":"9. Consider a production function of an economy:\nY = BK\u03b1T \u03b2L1-\u03b1-\u03b2 (1)\nwhere Y = output, K = capital stock, T = land, L = labor, B = index\nof exogenous technological change, and \u03b1 and \u03b2 are elasticities.\n(a) Show that growth in output along the balanced growth path is\ngY = g + (1 - \u03b2\u00af)n and that growth in output per capita is given\nby gy = g - \u03b2n \u00af where g = gB\/(1 - \u03b1), and \u03b2\u00af = \/(1 - \u03b1). [Hint:\nAssume that land is fixed and exploit the stylized fact that capitaloutput ratio (K\/Y ) is constant at steady-state].\n(b) What is the long-run growth a function of?\n(c) Suppose there is little or no technological advancement in the\neconomy. What is the fate of the economy with fixed land and a\npopulation growing at a rate of n?\n(d) Discuss how the Malthusian checks would operate on this type of\nhypothetical economy.\n(e) Discuss the implication of this model on economies dependent on\nnon-renewable natural resources.\n(f) How does technology help break the impasse in this model?\n"}]}

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