Here are some more facts:GDP percapita(Y/Pop)4,14826,370Participation Capital per(L/Pop)RegionYearWorker(K/L)34,702147,888664,15815,303110,227370,3252,7868,18312,7120Hong Kong37%48%19601990201959,2452,55421,24948,89652%1960199020191960Taiwan32%43%49%China99645%19902,47813,98856%201956%Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of thepopulation in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted.Data are from the Penn World Tables 10.Step 1: Use a Cobb-Douglas production function, Y = A K'/3 L2/3, and our growthaccounting methodology to allocate annual average growth in per capita output tochanges in average labor-force participation, TEP, and capital per worker, for eachregion for the full sample, 1960-2019. Briefly discuss which factor has been mostimportant for each country.[Hint: Remember that the production function scales nicely, Y/L=A(K/L)3, so you cancalculate TFP from the data on Y/L and K/L. One more hint: Remember thatY/L=(Y/Pop)/(L/Pop), so you can also calculate Y/L from the data you're given.]Step 2: Repeat Step 1 for two subsamples: 1960-1990, and 1990-2017. How doesthe more recent period differ from the earlier period for each region?Step 3: Use whatever resources you think appropriate to uncover differences inlegal and political institutions,• education,• government policies (both microeconomic such as regulation, andmacroeconomic such as taxation, international trade, and inflation),and• business practices,across the three regions. Comment on how similarities and differences along thesedimensions relate to the relative economic performance we have observed. Lookingforward, which region do you believe is best positioned for better economicperformance over the next decade? [Try to be concise answering this part. A shortparagraph or two on each should suffice.]

The monetary worth of final goods and services produced in a country over a specific period of time…

Here are some more facts: Participation Capital per (L/Pop) GDP per capita (Y/Pop) 4,148 26,370 59,245 2,554 21,249 48,896 Region Year Worker (K/L) 34,702 147,888 664,158 15,303 110,227 370,325 2,786 8,183 Hong Kong 1960 37% 1990 48% 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 2,478 13,988 1990 56% 2019 56% 12,7120 Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of the population in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted. Data are from the Penn World Tables 10.

Here are some more facts: Participation Capital per (L/Pop) GDP per capita (Y/Pop) 4,148 26,370 59,245 2,554 21,249 48,896 Region Year Worker (K/L) 34,702 147,888 664,158 15,303 110,227 370,325 2,786 8,183 Hong Kong 1960 37% 1990 48% 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 2,478 13,988 1990 56% 2019 56% 12,7120 Y/Pop is per capita GDP measured in 2017 US dollars PPP-adjusted. Participation is the fraction of the population in the labor force, and K/L is capital per worker measured in 2017 US dollars PPP-adjusted. Data are from the Penn World Tables 10.

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 1CQ

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