Here are some more facts:Participation Capital per(L/Pop)GDP percapita(Y/Pop)4,14826,37059,2452,55421,24948,896RegionYearWorker(K/L)34,702147,888664,15815,303110,227370,3252,7868,18312,7120Hong Kong196037%199048%201952%Taiwan196032%199043%201949%China196099645%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.]

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 Hong Kong 1960 37% 48% 1990 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 56% 2,786 8,183 1990 2,478 13,988 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 Hong Kong 1960 37% 48% 1990 2019 52% Taiwan 1960 32% 1990 43% 2019 49% China 1960 996 45% 56% 2,786 8,183 1990 2,478 13,988 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.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter32: Macroeconomic Policy Around The World

Section: Chapter Questions

Problem 30P: Retrieve the following data from The World Bank database (http //databank.worldbank. org/data/...

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