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บทความ

กำลังแสดงโพสต์จาก ธันวาคม, 2011

Convergence of developing countries and developed countries

บทความโดย วรรณพงษ์ ดุรงคเวโรจน์                Developed countries such as Thailand, Sub-Saharan Africa can catch up or converge the developed countries due to two main reasons. Firstly, it is technological transfer. The high level of technology is slightly available than now developed countries are used to undertake in the past. So, developing countries can grow faster than the developed countries’ s performance took place in the past. For example, Britain used 60 years first in industrial developed whereas Japan used merely 11 years. Secondly, due to the law of diminishing returns. The additional capital on output in production is expected to be smaller in the developed countries that have already a lot of capital in relation. As a result, there is higher level in investment in the developing countries contributing to grow in capital in the developing countries rapidly.           Advanced technology and more rapid capital accumulation or income would tend to converge in the long r

Summary Business Cycle

บทความโดย วรรณพงษ์ ดุรงคเวโรจน์  Part 1 Frontiers of Business Cycle Theories Chapter I: Introduction : Behaviour of output, unemployment, and price level in U.S.                 In 1930s when the Great Depression took place, economists try to find the answer about it. In soon, Keynesian model is very popular among the economists and socialists. But it is loss their popularity within the 1960s due to its failure of model relative to inflation and supply shocks. Although this model was skepticism, it’s notable in most of the economic books for long times.                 Purpose of this book is to show the method for analyzing real-world macroeconomic problem that we’ve to consider the historical record of its variables in U.S. Figure 1 : Real GDP from a year 1860 to 1999 in the Book page  i-2                 This is the upward trend of real GDP reflect long – term growth. And average growth rate from 1869 – 1996 is 3.3.%.  “Average growth rate  = Average growth rate of real GDP – A