Hi John, thanks so much for making these videos they are very clearly laid out and easy to follow. Please disregard these silly comments saying you are just reading off of the slides you have written, the basic level is extremely helpful for those of us who are engaging with growth at an intermediate undergrad level and need to fill in gaps in our understanding. I do have a question about this video series though. Is there a difference between paul romer's growth model and david romer's growth model. from what I can understand they are both endogenous growth models with spillovers but without scale effects. can you explain any other main differences between the two men's work for me? I am sure it is pretty unfortunate for them as well that they have similar sounding names but work so much in the same subject area :/
Hi, thank you for the nice comment. So I looked at 2 papers: 1)"A Contribution to the Empirics of Economic Growth" by David Romer. 2)"Endogenous Technological Change" by Paul Romer. I didn't look into depth at these papers and skimmed them. but I can say for certainty that this model here its definitely more similar to David Romer's work in the first source. Paul's work seems to deal with representative agent models where here we are dealing with production dynamics which is what David does.
@@EconJohnTutor thanks for the quick reply! that clarifies things a lot. My professor is teaching us quite a complicated variation of Paul Romer's model that he came up with himself which he calls a "hybrid" model (much too hard for undergrads imo). It is based off of this paper ideas.repec.org/a/eee/ecolet/v154y2017icp28-30.html I should have mentioned that in my initial comment but I did not want to dump extra readings onto you. Now that I look at the Endogenous Technological Change model by paul Romer that you mentioned you are right that it is relatively clear that he is using the same model. It is all pretty confusing to me but this is how it has been summed up by him; In the long-run, per-capita GDP will follow the predictions of the Semi-endogenous growth theory if population growth rate n is larger than a positive threshold ¯n In the long-run, per-capita GDP will follow the predictions of the fully endogenous growth theory without scale effects if population growth rate n is lower than ¯n. Thank you for the explanation I have googled production dynamics and I think that is the continuation of the same course I am doing but for the graduate level by the way, just some feedback to your style, I am sure a lot of people complaining about these videos are looking for a simplified overview that they are seeing for the first time, much like the Solow model videos they have at the "marginal revolution university" channel. But, like I said, for a more advanced level review your videos are a lot more helpful so the comments I saw really annoyed me. Thanks a lot and keep up the good work!
I watched the proof of Roy's Identity and put a mean comment there but then I watched a few other videos. I was like Roy's identity in about a minute? lol My sincere apologies man. You're doing a great job compressing abstract and seemingly difficult stuff into digestible bits. Keep it up. I found this series of four videos very helpful as well
I want a video of the neoclasical two sector model of physical and human capital accumulation explained in Barro & Sala I. Martin. For some reason they really did not put a lot of explanations and also some math is wrong. It would be useful to analyze it completely specially from the hamiltonian approximation
@@EconJohnTutor Yes, I have it on a PDF version, but better provide me with your email. I can share with you also some of the algebra development I've done with it
Its just the derivative of a the logged version of our growth rate of technology equation with respect to time. Recall that the difference between two logarithms is interpreted as a percentage change. Effectively this is interpreted as the evolution of the growth rate of technology equation.
Hi John, thanks so much for making these videos they are very clearly laid out and easy to follow. Please disregard these silly comments saying you are just reading off of the slides you have written, the basic level is extremely helpful for those of us who are engaging with growth at an intermediate undergrad level and need to fill in gaps in our understanding. I do have a question about this video series though. Is there a difference between paul romer's growth model and david romer's growth model. from what I can understand they are both endogenous growth models with spillovers but without scale effects. can you explain any other main differences between the two men's work for me? I am sure it is pretty unfortunate for them as well that they have similar sounding names but work so much in the same subject area :/
Hi, thank you for the nice comment.
So I looked at 2 papers:
1)"A Contribution to the Empirics of Economic Growth" by David Romer.
2)"Endogenous Technological Change" by Paul Romer.
I didn't look into depth at these papers and skimmed them. but I can say for certainty that this model here its definitely more similar to David Romer's work in the first source. Paul's work seems to deal with representative agent models where here we are dealing with production dynamics which is what David does.
@@EconJohnTutor thanks for the quick reply! that clarifies things a lot. My professor is teaching us quite a complicated variation of Paul Romer's model that he came up with himself which he calls a "hybrid" model (much too hard for undergrads imo). It is based off of this paper ideas.repec.org/a/eee/ecolet/v154y2017icp28-30.html
I should have mentioned that in my initial comment but I did not want to dump extra readings onto you. Now that I look at the Endogenous Technological Change model by paul Romer that you mentioned you are right that it is relatively clear that he is using the same model.
It is all pretty confusing to me but this is how it has been summed up by him;
In the long-run, per-capita GDP will follow the predictions of the
Semi-endogenous growth theory if population growth rate n is
larger than a positive threshold ¯n
In the long-run, per-capita GDP will follow the predictions of the fully
endogenous growth theory without scale effects if population
growth rate n is lower than ¯n.
Thank you for the explanation I have googled production dynamics and I think that is the continuation of the same course I am doing but for the graduate level
by the way, just some feedback to your style, I am sure a lot of people complaining about these videos are looking for a simplified overview that they are seeing for the first time, much like the Solow model videos they have at the "marginal revolution university" channel. But, like I said, for a more advanced level review your videos are a lot more helpful so the comments I saw really annoyed me.
Thanks a lot and keep up the good work!
I watched the proof of Roy's Identity and put a mean comment there but then I watched a few other videos. I was like Roy's identity in about a minute? lol My sincere apologies man. You're doing a great job compressing abstract and seemingly difficult stuff into digestible bits. Keep it up. I found this series of four videos very helpful as well
No worries! Use whats useful here and dont use whats not.
Awesome video, thank you!
I want a video of the neoclasical two sector model of physical and human capital accumulation explained in Barro & Sala I. Martin. For some reason they really did not put a lot of explanations and also some math is wrong. It would be useful to analyze it completely specially from the hamiltonian approximation
Can you provide a link to the paper or book?
@@EconJohnTutor Yes, I have it on a PDF version, but better provide me with your email. I can share with you also some of the algebra development I've done with it
Hi,
Thank u so much, it is amazing.
Could you please tell me which text or material you are using ?
This is based on david romer's textbook advanced macroeconomics
@@EconJohnTutor thank u
How did you derive the change in the growth rate of technology as a function of the growth of technology?
Its just the derivative of a the logged version of our growth rate of technology equation with respect to time. Recall that the difference between two logarithms is interpreted as a percentage change. Effectively this is interpreted as the evolution of the growth rate of technology equation.
The Romer Model was created by Paul Romer, not David Romer.
I was just about to comment that. Glad someone else caught it
Was searching for this comment 😂
what does theta mean
His name is Paul Romer, not David Romer 😊
You are too fast when explaining as if you are just reading