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PHYSICAL CAPITAL

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PHYSICAL CAPITAL

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  1. Chapter 3 PHYSICAL CAPITAL

  2. Figure 3.1 GDP and Capital per Worker, 2009 Source: Calculations based on Heston et al. (2010).

  3. Figure 3.2 A Production Function with Diminishing Marginal Product of Capital

  4. Figure 3.3 Capital’s Share of Income in a Cross-Section of Countries Source: Bernanke and Gürkaynak (2002), table 10 and note 18.

  5. Table 3.1 Agricultural Land as a Fraction of Total Wealth in the United Kingdom

  6. Figure 3.4 The Steady State of the Solow Model

  7. Figure 3.5 Determination of Steady-State Weight

  8. Figure 3.6 Effect of Increasing the Investment Rate on the Steady State

  9. Figure 3.7 Predicted versus Actual GDP per Worker Source: Author’s calculations using data from Heston, Summers, and Aten (2011).

  10. Figure 3.8 Saving Rate by Decile of Income per Capita

  11. Figure 3.9 Solow Model with Saving Dependent on Income Level

  12. Chapter 3 Appendix: Further Exploration of the Cobb-Douglas Production Function and the Speed of Convergence in the Solow Model

  13. Figure 3.10 Speed of Convergence to the Steady State