1

q 5 C?Cj
___~lj j.,f{onOM' C Gro~fu .
.. _'2._ ~i~ !~St.les:
1) 1""heve is Ot \J!A5t diHefel')Ce bM the OlierCllje 'ye0YlVlcoMe of rich .& poov couVltvies.
2) Theve Me lo.V'~e c!iHeveYlceg, '1V1 staVldard of \ivlY1g OVe'f tir'Yle.
(::: diffe ver1ces "lVi '(eo'" pey Co.p"\to.. "IVlcoMe ')

Ob~eGti"e. of Re~e~.r1::h. on econoMic Growth:

- 10 cl,eteY"v'lne wbetnev ther.e are possiti'litjesfur •••.
i) roiS"\Y19 overall growtltl ~ OY"

~~) bi'r1g"Y19 stClVlciClrcl\; of rlviV1g -\vI pooV' cOlAV'ltvies closeV'to thoS'e -In

fhe wod ct Ieo.ders

e'f., cl h

e, G\V\9"\a_os
rel( ClAp'dl)' ~ JVlCOM£. AM+; of' \Irs kJehic{.e.. Us leveA

If Ut'/. 200 1./r'5

3'/. L.. 100 "(rr.

O1· 50 yrs
...-~~..--....-_--_ ..

(f) golow (1n,wtlA Moclel

-" focus O~ l+ v~r1Ct~leg; Y, K, L-) A

\ '1(t;) - : t= [ K(-\;), AC-Jc) L(t)~

. ~

A -= 5"ffec.-t1veVlesS Ot lC{boV" (ie, k.vJowI ecl.5e )

A\..:. &:ffeGtive LaboV' &. Tevv1VlO(O~Y P,09fess CL-aboV' AIA~(VleVltj{j9)

-? Time doesv\'t eVlteY the prod'"' fn oiiec"t1lf, but onllf tnrolA~~ ve, L, &. A.
--'J Ou..tpu:t c.lAa~ C!Vev -riMe. oVlly if tne 'Inputs +0 Pillet" cVJClnge.
 2

ASSLlMptiOflS:

1) ~roo."'FV\ "IS "\Cot1S+a.Vl+ ~e-bA((1S to Scale,u.

let y:: _1 ~ 0
A\..

F (YK, YAl-) - '( F(K,.AJ..)

F(~l.' 1) = • .1.. F'CK, t\ ~~

AL.

'. .

:-::~~"~: r y
\Q.boV"
- F~t~) - f'(k)J~
\.....- - - - - - - - - - -_ _

.•

tJ..1ev't k ~

teo) -::: 0
I
'I
fo(,.) > 0 lilV1fck)
k-+r.o
-= 0

fCk) <: 0

~) If doul?\e K a,Vld L -:;.) The \'lew do~b\iVl9 inptAts o.V'e LAsed In the £:ome wo..'1
€ istit19 'Inputs.
(AS tne X -=) Ol.l+put dOlA01u
~

1V11S MeCtVlS th~ econoMy IS 1016el''lOt.A9V\ tnoJ the go."V1S ffom speciGtlizo.tiOtl
vw.ve. 'oet-VI e;<hau>tect
F(~.AL) -::: ,AL' ~

cFCK.AI.) - A.l tM'\ 1

= rh.)
~\<. - F\Lo ~J N:.

~~) !ANl~V\ co.p"-w1 gtvck i~ Nf'ficieVlt\'1 gmo.l\. =) MPI< is vey'1 \o.r-I}e,

Wvlen topimA STo0 V.... becomes lo.r-0e =) MPv-. is vel\[ gMcdl,

2) Cuo-nl'lOUS l1Me

~ AS. Lave exogeVleouS \I~ria()leS

.., 1he- \()'\'ncU leve-\g of C<Ap\tcvl, \0.'001'", Cl,Ylcl. KVlowleo.g e ClXe taV..eVl os ~jveV].

7
LCO) e"t ~' . L' (t).: 'Vy LGt) Lavo.- criZ'wth
==-)
A(0) e13t , "AiCt) "= @;AC-t) KVlOWlecAy ~wth
L-----ro-te-of-'-Po....pUIOJ;OYl CJrowt~ ,.' f' 4 >€ 'O§€l1aus
a 'ft
ConStaVlt Gmwth Ro:te,
pCtrz;lme.te ('
mte of tecV1no\o~lccJ pro0(e.SS
t-Lt) 1.et)

ThiS eq,U(A-liOVl te,llS i'Vlo.t L. &. A qrow e.xponen+io.,lllj"

"

-'1 The. ec.OflO M~ (YlCAI1 \?e. ~rowi(\9 Ove( -rliVle..

~ It's eaSiev- to focu.s 0(\ k tnctVl on +Y1e. uY1~djusted K.
k ::
te
ktt) -::::. K'(t)AG't)lGt) - K(t)[A'(.t)L(-t)-+- A(tH.'C.t)]

[AC,t) Lc't112.

-- ·\<.'c,t)
ALt) LC,t)
- K(-\;)
Att) Ltt)
, [ Am
, + LCt)l

ACt)
LCt)

!.<.'(t) - K'(t)
A{t) L(.t)
_ k(t) [V\ +~1 (2)

Le+ '~'(t) ~ S Yet) - 6 KCto) I

1.------>l1-----"''''~d- '

Sth<'~~ .l- " erceG/'tt tiOY1

"":jm1e,.Or
car,ml S't"lCKPo.,.
+z,f\1vnrovJ lME'J'tJWj,t WtlUe, - S V(,t) = ,/(t) - Cc:t)
2,o","'j oUrplitT - WYlS lilMph'c-r1
 4

\ k'ct)
.f t::::==y=:=J ~ ..
ih-uMAA. break -even

iMe'WI'le,nr ;fl\Ie~t-mevlt

~\his, is -rhe 't<eLi e~lAo.-liO(l of the Solow Mocf0\

". ~

~ "
,~ 1'V1e So\u:IiOYl \s ,rMe, 9o.ss of kc.t).
(l'\~+~)k
2. ~ >k'"

~""I __
,S _ ~ ~tk.)

I
I IS ~fOwl{\9 at CA COr1Sttt~lt mte,
I

~---+~~+'-''''''I----f>k
Csee p,s')
k" klO)
l'
k'(t) if'
• I
I
I
I ,,0 If k'(t) '> 0 :0) k i at -t+1
I '(,'(,1"
I V.
~+---t---~_';-1----II> kCt) U(l\i\f~G~iVl~'k,*: ,',
j«o)
It ktt) ~ 0 -=) k~ 0..+ 1;'\""1

lAV\til (eGtdl\i~ k ....

If k-HO =) fh.)'" 0 C$e,L l1~Ph p.z)

At k'" c; f"Ck) ~ 0 :::) tkt t2 tines ',ntersee-t only Onc.JL fv'{" k > 0

IWO reaso(J~ -To prevent \<. frOM fallif1~ :

f) Sl<\s\1n~ co..P\JrCA-l \~ d.epreviCAtin3 ::: b k

(1\tIis to.p',tol MUS+ \?e ,n:~p\ac.ed tv keep k 1YOIYl fulling).

2} Q-hj of effective Io.bof is grol.N\~ Clt Cn+g)

... \<. MlAst ~row at CI1+9) tv hDId. k gteo.ctLf.

 5

o slne..t fco) " O.

If

-') k is COYlsmV\t at k'"

f'~ .qrowg et1' (,Yl+9) mre..
'.

. ~ ......
'Itt) := F [K(t), Mt) L.tt)l 'i is ~rv~ill~ at (~H3) mte-.
l' l'
~
""
("~9)
K ~
K(t) r :>
L tm '\,\
(M9)
•
'I -= 'let) /
L: l..(t) .... 1'\

At-\:) :: AC,,) e gt
'It+.') <"t9)t \..(,+.')
Ytt) :::: yf,o) e .

,/Co) L(O) I --­

+-------~ t
t

G: \MIIoJ is t'ne \/()ll)e. 0t' -the. ro.te. of econoMic qrovvth of k· ?

A~ EconoMiC ~ro\,l'ltVl = ,,'ct) = Y1+~ > 0

'Itt)

Not~
1) 1Vle- gotO\N MoM iMplieS tl-lo..t the ecoYloNl"( tonve(~e,s to 0.. "BalaVlu Grovv-Ktt P~i'"h:'

2') GrOlN-th mtQ.. of OlAtp\At 'YCt) is fh.ste( t'no.l'1 5rvVltV! mte. of PopulatiOYl
(11+9) > (Vl)

Solow Moo.e-l is cliffev'eVlt tYofYl MultY1u~~

b/c., t\tleve, (Afe, accuM\A.lo.:\i Orl of ca.p·'tiU GtOck- 1(\ S'o\OlJ'/)s

blA.t \V\ulthu$ eMpItAAi'Ze.~ on 1»170'(" ·ltJ procl" t'r\..

AsslANle, g is IA pefMar1€nt increasit19

is Gh\f~ the actuO\1 ifIVestmeVlt 1111e upward.
(n-tt1'~)k

~-S&ftk.) f s is riot 0.. 1'10fM6UIl( poSitlve., ~ho(,K,

I t s.. f(k)
I (ie. tA. bj~ cha.ll~ '111 c-onSUNlel"7s be-IA.
I
I
I lelXc.ts -Iv lo~-te(m ShOC.k)
I

I I

------t:-~)~ k
k~ k'"

In\tiolt~, k :: k"" -::=,) j S ooes nJt Make. k i rY!fY1ecuate,Ll( Move +0 k'" I

,
~i'ila k" k"" -=') g..fC:k) > (nt9-tJ)r, :::':> MOve V'eSOlArcer (Are. vein~ usee(. by
thi~ new '"westMeVlt +han to 110101. k. CoYlStCln1'
-0
k'Ci) > 0 '::::> k1lAVltii k*'

Nore..y 1)k*' can 'Qe yep'(e~el'1teol (AS "gte,acltj sta.te, k " +b( Veuclopif19 CDI.mtv1e-s'
I
'K" '" \I' "ste.o.dl{ gmte- k" tOY' Deve.lopecl CoUV1-h1~,
<jo.p
\,+o\f\Jeve(, +hfs eav1l1ot el<ptcllVl -the c{\ffe vel'1c,e. ~ ave~ real ;flCOfi'le, of' dc"V\.& poof
coun-Me8.

zj ltvVteV\ k is cVns-m,V\t ~)
Y.. :::= F[RLt) 2 Mt) Lcn] I~ ~rvvvi4 at q mre,

L-

u.t) . . . C{\)

vJv1en kt =:;)
::L
L-
::: F 0(.-'c;), Ac.tH,c.t)l 1$ 0rol.Ni~ CAt (11-1-9) ~te.
l..ct)

• n, A?er'lVIan€V\t 1s Pll?ctuc~s (). terYlpolO.f\1 t growitl mte- Df :t.

l­
e::: kt IAVlti\ (eo.Ch·'Qt~ k>#.' -:;1) S
I..
\;v11\ the(l ~'flII!iS (At 9 agOl·II'I.)
s

Th(?,· effects" of .~:V1 .t s .. .

only 69 "'lAS ~row;-lt\ effee.-t CAlI oth.ev tltlCtYl~g hcwe gYlLl.( leve.< effe~t!)
l'
mte o·f fe01/lnolo9 teal ~(cv(en

. ~,e... eV1tito~r'ltQ~ A A(:c)

0) Cen+rzM. lfuestion f of Gfowtk 1VJeor't(

1:
< •

~ Ont\.( ~roLNof'fA in AGt) CQV1 lead to pe((V]one Vlt ~(DwtCt .. il1

"""all
~ 1VleiIY1PCLC.:1"of 6~ OYl ::L 1$ Moolest
I,.. I,..
~.

0'. 0(\\4 D. ACt) Can account fIn ~ vast cHffeyencLq, i V'I tVL.t, wea 1tiA,
CAc:ross time. g. SpCAC£ • • .__ .,.."
•
..

':;: AUt) \5 -the \<.e"{

• •
~ ACWMlA lo.:hOV1 of cap'lt~ Hoc-v.. CClVj\ll,OT )mpl'Dve. -tht ftaVldorct _of \'i vi fl-B .

"'" ..
..... '.
, .......

..
 q

to 5 01

@ l"nfit1ite-Hofizontal It. Ove("l().ppiYlg-G-enettlfioY1g· Mo~'els

AS'SWVI€, -~) EacV\ ~eYlt \tw.s Ol1t\( 2. - p~'oets life; t &. t+ I
~D ECtC,l-'\ Qsent Vlosen<kwM.eVlt =: A
\,~~) '101AY1~ win lJ{S"e, tVlei'feYlclCJWW1€Vlt tv pwol[,{U qooo. fov teY1SlAMphWl
~v) O\d w1\ eCNlSWV\f, a\\ {e(ll1Gti();I"\~ eVlc!owMeV\t left ~(JfVI l~st p€

~
Genel11.hoYl 0
" 2. '3
-1 ""2- This tjroph S\'owS
Ji.: ~
0 A 0 "ovedCtppin~ GeY1e~tiov\s"
~ ~
1 A 0
p
'L A i -Ie 0

.;'\()(.t. t is at It!OY',UNl t%.)(.l G

o '. t~ 00 -:::) IYlfinlte..-\'1oY12.0nttJ. &lWler'&ltionS

'lhefe, ().fe,. Q. fv\oolels that'yueMlole ,tk.e Solow Grow*, MOole.t.

f) lZ()MSe.~-~ss- ~op(\'lc\V1S MocUJ'

2.) 1)iO-MOYlcl ModeA

~
Q,ot0\ Me>d.LLS (Ave., JV\f1\n\te.- \1OviwY)~ g oveflttPP'~ -6eVl~fl\t7Y'\.$ rvtorJ.,t,(,.;;"
 ro

A) ()."',Ivlrey- Cass- KoopMans·l'i\ode.-l . . ~

. ~ , \

A&'SUMe,

it) Competitive outpu.t &. -Po.vtDy MClvket.l'.

(1Vlevt ~so. large (1\"(lVlbel" of idtV1tin., -Anv1S)

i~) Fi(N'lS' - hife WOYKeV ~

. L- D -tv proctu.u. output
. - reVlt caplTVv\ .

L~'~") A -P-j xed.. tt H Hs - ~u.pp ll.j la boy' FirMS are. ovmecl tAt HH s

- ho\cl c.o.p·,toJ. Cf)'rrvlS = HHs)

- C.OY1$t,lMe. S. Save.-.
. i,v; Act) qroV'J~ at mt€,. ~ ~\ Mt~ is given to eClclt\ -Artvl .
~.t.
v) L(,t) 9fVWS at rnte. v'\. ;:;) <$iu of eaGh. HH qrovvs at mte n..
LLt) = (1+V\) L H

fa(,,l.'\. \-\H ~\,lpplles 1 vO'1'lt of Labo~ \t,t. VtCtS +0 wovk.

=:;)evecY/on€-
'li.) No uVlce'{tc?\.·ln+~

~(i0
Ii
R(M'S P.1ehttviQ(": @Al.

•I MCA}( 'Ii
At..,v...
~ f(K AL.');'- Y"K - wL.
I
7
FOC~ IX.: -;;) yet) ::;: ([kct1] J

AI- : ='> w (t') -::. f' [km] ,... L<. c.t) f'D<c.t>]

~ J
vM(I'{e. nt) :. retAJ rate. of' rehMn -to eaplfM

NDt~ .~} Prod VI FV1 IS CI2 S ~ 'l( ~ 0

~n Eq, (1): Capn--ai earns i+s MPIC­

IS (\0 oU.pvecic.1tiOYl

m') 'ThQ(€"
 11

\tHiS 6ehtMIioV'":

~ I-\H wke.s the. PQth of '(ct) &. w(.t) as ~illeV1,

# o~ [YIef\1bel"s or Hli
I
00

Mo.-x lA = eLI-)
t~o

.c
f
t,,,o
e-llCi;) C't) L(tJ d.t
H
JoC

e-,ztt) A(t) wet) LW d t

t.,o
\.'------vr-----' ~
itfe·-tiML \niBa,l. liM's lite ·lirA.L IV1(:()IYI€,
&711~('(;'1phDYI
wpittJ. S\-vCK fro rJl I/VrJ ~I/(i~

p -::. cUS Count mte.

LCt) = ToW 'PopulG\tiOYl

e~(~) '= 5o.(Y1·I~ uVl'd'~ OJ t\M,l.. t -Arom \l)ve~tl(].9 1 unit-of outpu+at ti""'-l(J

1,f yo(,/. 0-0(1'+ COYt)WVte, tvd.A~ =)

.
W111 save, to~(o) by RCi)
9
~t ~) e-P~ ~ =-'> HI-I p<e-fen Cul'Ye~t COYlSLlMpHOY1

Let InsmntaneOL(S Utin!y' f\mcffOt'\

e
LA [cco] :: CCtr
1-6

e '> 0 - OeteYrvJll1e,S HH'! \Ni"rtlfJYJess'to b~jfl- cDfln'Mphoi'l ftc.. rjif'feveVlt peviod<;;

P-V\-(1-~)9 > 0 .

u.'cc,) = c- fJ
u"CC)
'mGt coeffi(,i~Vlt of I"e-Ie,hve visk averS'IOYl
\
\ -v
-e
c;
- C licc) :: e
\ \A'ec)

Eq,(o): UtitHLfiS needed to be COVlCo.ve '~)I' tltle eCOflONlI.( -w coYlve(g e +0 0­

,\ ~alo.t1C,.£. Growi'Vl Path I, ~
\' " . II
H's kV10WVl as CoY1siunt"-rellltlve,-Vlsk-o.vet1".Ot'l Uiilit\{.
rf e is sMail ='7 MLA~ 2,\owlLj ctS ie ".,
&
t ~I-\'~ v-Al\it1gness to f:, c overtiMe.
If e ~ 1 =') t,.t-liIHLf is o.,lMoSt Ii nec<V 'I V1 C.
g,.
HH is VV11rlVl.~Yle(s tv accept lctr~ t:,c -ro to\<e a.\Ja()t~ (If
~fV1C1.t1 dlffeyence 9-~ e &: mte of'(eiUrn 'It ~e,1{ on "Its Silvifl9'
If e< 1 -:::) Ct-E') 1
If e>1 =) d- e~

g;oce [
.
.c (-t)
L(-l)
'=

-::0
-
Cl.t)
Att)
LCo) e nt
ACl) :::

rIJ

-;: J e- Pt
Lc(,t)A(o)t'3t]1~.~" Leo) ent
1;",,0 i-a .H

-= 1-&.
AlO) 1.(0)
Je
oC

-[p-Y\~(Hn~l t
.CGt)
i-a
dt
H _
t-o " ,
1-e..
\/
v
rIJ
_~t 1-e
Mo...'X lA. - {?; )
~",o
e ,CC:\;)
1-9
dt Objective Fut"\ctio'n (b)

1-e
~€Ve €> ~ ALO) Uo)
H"'
[~
-::: P-Yl-C1-6')9}

"" .c
hOIYlI3C: .) el'-(t),C(;t)A(o)e~t L<.o~em ~ K(o) + f e Ht
) Alo) e9t w(\;) .!:~~,§lJ ott
H j \-l
+''''0 t::o
oC

~ Keo) -+
....H'
~..:) ji lllt
)
1t
e.(n'9 wet) dt
-t.o '
U'
v
 l~

I
o¢

e~t~) e tt1
+9)t 'c'(;t) ct t ~ k (0) + Jre-~tt) e"'+9)-!; W(t)
DC
....I
Vl-t
t,->O i.,o

SCl-~\(\'3

\-I14'S CC\~it(A1 ho\din~ o.t time S (A~e, Y\""~'I~

e
:

R(5) @f ~ 1
K(S) = K(O) e + ~eJ7 w(t)-,C(.*,) J ACt) Let) cH

H H H

0\>"'0

~ lW)-R(-l;) ,
e <,j\wws ti'tat valL«, of olW,.gwA"3 ckul.n.v-s ~ t -Iv s

~ 0 (q)

ine" conMblAtioY1 of {"he. HH's initiolwettlth tv its wealth ctt S

fum (In, ('l) :
l)m e-fl,cS) e'n+lJ)S k cs) ~ 0 (10)
S~.o

:. The ~C stuteS that -I-VIe pres~Vlt vallAe of tt1e HH's Ctrset holdjn~ oS .

C.CU1 not be V'Q.~a. tlll€. iv1 the \iNlH",

Max U. :::: \3 i
·00

e-Il>t ,CGt)1-e cH (11)

':;"'0 1-6

g.t.. li
""

-\>::0
R
('\;) etn
-tg)1;,.C(.t) clt ~ kc.o) +
.c

J
-t::o
iRti;)etn+9)t wGt) d-t

Foe:
". '.

te;\;): B f i"t..c
(I()

-\1<0
(t)-e 9:t - - A J'
-t~o
eR(t> etn+g>t ~

B i~t.t- (,i)-e =- A e-i<ct) ecn+lj>t

k l& e~~c-tfe] =- )1V\,1j e- 12Lt>i n+,9)t 1
.tv. 6 - ~t - e hl..c(,t) = kvv).. - Rl"t) + (YH~)t
1YlQ,Vl, +ttke. -+-he etevivo.:nve vy Ye~pec.-t to -t bot¥1 f:ide.s.
- ~ - e.t'(t) - - ~'(,t) -I- (V1+~)
;c (t) \\ I
no\;) = f c\<..)

0Y1)W~ (lA.t~ of

CoN IA£\'\p HOYl

(~ IJ'{ na""i C of ~)

fuM L'l): ~ ~ p- 1'1- (1-9)~

~ =- p-n-~+89

-e-e9 ~ -Y1-g~ ~
flA\'\A(€ COI1~W\1priO(l
~ !-\l-1'5 discounts

ftkm] - P- eg
e

- Growth mte. of C ::: groliVtVl mte- of..c + qrvwtVl (lAte. of A

,.e'ct) =0
J:"
. - Grow*, mte, of...f.., ': rTf)- P
L e -t
t
..c.'Lt) >0 C.'(;t) "'- 0
- e! ::') ~M\}' lH 1C ---1

The. differences ~w '(en St e ::0) AC ---~

t f
k'" k~
k
k1
- (ll.\-) S~DWS tVv.. velOJ-io{lShip 9-V\J ,e'C-i-) & fb~.)
.-CLt)

If .c.'(t) =- 0 =) fCk) = p+e9 ='> -t- is COYISTCllt\t

1+ k1 .(. k'" -:::) 'f(k) '> p+eg -;;:;) ..e'c-/;) '> 0 ::::-> .c1
~~ 4- st~pe( slope. "
 15

fuM (,;): l..k_,_(t _)_'::_ _ f~[_k<t_)_~___- t-_(;_i)_-_(_1'1_+_9_)_k_£.t_)-1]

liWle((l, ~ f£.k.) -= hI<.) - ..c = S{;\,vi~
d-==-o

If ..c Lt) s-a.tis fies (1'~ ") -:::::) (14-) will satisfy [oYlOj-te f h1 Max'IIVl'IZiYl~ lAtility.

If k'c.t) '=' 0 -;:.) "cCt) ~ f[k£.t)] - (n+~) ktt) ::=:) k ts COV1S~lII.t

If k'ct) > 0 0;:;) .tLt) <. f[k(t)l - (Yl~) kLt) -:;:.) 'kf,

It \<"(1;') < 0 ;:;) ,c(,t) ') f[kc.t)l - (Vl+~) kit) ~ kt

";l
lhe Clv'Yowg Show -title. directioV1

of MOtiOY1 ~ f ~ ~ot k

.
k
..
W·)I// f
,,)
fh.) -:;:. 0
\)
v I"~k1(k) =0
oS k~ 0
To Mo.ke.. ~1..He.. kiLt) -::: 0, '(OIA. have Tv cut otowYl .ce:t).
~ .cct) :: Tf(~~) - ((1+0) It...

.c'£.-I:) ::: 0

k'(i;) == 0
·r~
! If > K(\;) i !.tnt; I reC«,V\/Nj k ~
C'(,i;)

k'[t)
0

'> 0
L :::)
'( -t [rh.) -= P+9SJ

1YliS qmph SVtowS V,OIJ'l .£, f,.. k MlAst evolve ovev-tilV1e tv ~atisf'l HHJs !r1tev-temporztl
~ optlCVli 2a.ti0V1 concli-h'OY1.

g,inc..e. 'the ·'V1iticJ. Vo.\lA.e of kLt) ;~ CO'lveV1 [kco) < k"'l

blAt the \nlhol vo,lw- of .cc..-\;) M\,tst be oltteYlV\il'1e.oL
 Ib
II 5

Golden ~\e k : ~(JL.- _

[km = f[ktti] - .ct,) - Cn+9+h) k«) = 0 I.

vWlere, S fck.) ~ fCk) ~ f;

~\C1c,L p+e9'= n-t9-t(b

f-+e~ > (1+9

\I
v

( k'(:t)
= fIk(t~ - .c (;t) - (n-t9) ktt) :: ~

~
.ctt) =0·

.eGA. = f(~~) - (n.+9)k .c . I

a.eli-It -::. t (1<"6-11.) - CY\.+9') = 0

ok
lib) - @k6:~ ~ n+91
0..+ M(')..)( .cc.t)' , .

~(k)
~t
-
,c'Ct)
p+eg
~ 0
J +------+k~-+-......l--------=--~~
k(;~
k

.:J .-
~
II ,.

~"n CJL P+ e ~ > n + 9 -;:.) (~~ V1 - (1-~ > 0 k(}rl

-'" -_._.-- II

•'. Ure:\llYle L,d,r.f\l c\oesYl)~ ctive(~ ~> ~ (s tv '!ht. left of thr..pea~ of

k'C.t) ~ 0 Cl.\.(v~
.'. OPh'MM eap'i'rM e.tU/uM.detnOYl cl.tPiJ'Yl<M 0Y1 VWitJ we, we4qn
SadcHe. Paih ' (Recall &>1\'1 lCt~t p~) .~ tllte-.resr£ of oo,rf€ V lt g.. futv.r(l, ~e>'lPfO\h~.

If 1foI(2, CW1. at pOint J, ..c'ct) > 0 ( k ~ k~

(wl%l bo.lGlI1~d fbrcR.J I,4'Ct) '> 0 \

('4 [fCk.) =: p+egl

5"00
 ..c(o) as 0.. &rlC,tlOYl of k ~')" So..ctctle Patltl"

Fo\" o.'f\Y kCo) &,cCo) (V\l,tst be t&u. vatlAL 9f1 tht saddle path.

II
v

The. e-COY1C>I\1l( +¥leVI Move~ Cllo(l9tV1e S'uddle. path to polf\t e.

~ ThQ. ecoYlo(V,,{ vvovks well ::=') Pareto /;fficieV\t (No Vleed. ~(~e (;-ovt -ro ',()tevveVla)

£>ac"k to Gold<m r.2ule :

-¥-------''--If--+---=----'----~k

.gj(J(.L. k6R is ctevive.cllo'( -me slope Ot hI.<.) -:::) fck.) '= V\ :::.) Mo.x,c o..t a\wa~s

~"G\<.) \S~\o;tte((w.p,I4-) at kt;ra.

':;;
( If" r ~ V\. ::=') kt ') kG~ -:;') Po\icits of trziVlsfev',n9 I"esourc.e.~ 9-if'J YC>UY1B &. Diet
~ IS Mote eHicieV\t #lctV1 1 so.v:l~ policitS
Case 1: ~R ~ k~lIo ( too M(,{.C\;\ k)
CiA SlwG\\.j s~te.)
Suppose., the eCOYlOM\.j hcts (euc.lA tVJe 0cdaV1c"£" Givv-t£.1 Path -tWin -Iht(}olcU.n ~ule.

~oli Cy ~ @ 'In orc;tev -to ~ k

"-I- .J,
k't\') =0 ~ sfh.) ~rYlk ~) k-lJ -:;) y~. ~') ct.. I~
.c~t") ::: fck.) - ~ ~) (9t~-.L/,-: _----.. ,.__-- __

jVlOV'I fl 9 uV)t'II(eCt£..~j~ new gteo.c).V smte..

eeca\,.L~e, we assWVIe. that flew gte~ 9mre. is the GolcUVI ';;\de lbteMtl.{ .rm.te~
.cct) i ~VI H- WlA.S btfov'e ~ ~ - WA'de lj! QAAcl..l. I
"'t- II
 18

Case 2: k'" < kGR (SmvH~ V'J/ tvo nttle cap,W)

Poue'!: f S

S[nu, k r ~) kilt"} '> 0 (Cetpl'ttvt aCc,U/VlL{/o.nOYl)

, '~

_~~ (until ,e1kl-l->;"1 nllW gte~ utntt)

~
.-et
•
•. 1Vl -thiS C:CI.5e,
·f
ts lectcts ,1t> W:'Gorcuvrf2-u.1~ gt€o.c!\{
~ ..
st(;{te. mise tht-'
ecoY\oMic we\-to.ve.. ~

vic, -\Vv- He-CAcll.( s~te ,.C~ is hi9h€Y" S,b:~t'!eq,ulre- 6!Yl ,"'ncJ ~.c)

Not~ ~

1) lVIe eCluH",I-v.,.-iu(V1 IVI "ROlV1seLf-CaH-KoopMCtv1S' MOde.1 " MUSt be- f'~re.tz7 ~fficiet1t,
s
b/c +Y1e conct"dioVls of 1tle 1 +We-\f7Ue.. lVleoiel'Vl VJolcl in tVJi~ tvlOdeL

'Ii) Movketr ave, COMpen tive £. complete,

L~) 1VJeve, afe, (10 exterr1aAi ties

~L\'J The nUMber- of a~V\ts is -liYl·rhz..

'2.') S'olow ecol1oMY IS on tVI.L "&.,10.11 LL Grow*'- ?o.th.:'

:= 1VJe beho-vioY" ot fI1e evofloM'1 once It has Ci1Y1ve~d -to porflt ~y
I,.<Lt), .GGt)) G\Ntet fo<.) a I'e, ConS+o.V1.f. C1,,((1 less t("eve ave, e)(o~et1 O~ Shock-oS") ,
~

\d.t), cc.t),' CI.MGl y o.ve (At gt-earJ..V S'~re.. [Cd.-ow at cn+9) ro.te. J
.!i, c amcL'I gfVV\J at rote. a.
L- 1:" 't v
 f0 /

5
c:J.1SCl)\H'lt I'"l1te­
t
1Yle ffieets of .L P ..
' , .
• < '

S'n(.L P is tLu. ~Clro{Y\et·ev- ~ovefYl·,n9 rlH'S p(e.feyeY1CL~ ~ cUrYeVlt& hA,+ure, c.OflSlJMpt

f1-oM (l~):

for gIven kto) , ~P ~) CLAvyen+eonsl)("lf)fiOYl ~ ~) ~ tu-hAre CCiYlSU.MpHOVI

~

move -G-Otvl pOint £1 .-, A

~
t-
At pol(lt A:> f (k.) > P+ eg -='> ,.e'ct) > g/'c~

~ k!t) > 0
'-t----'---&.-----.-;...---#k

\<."'-4 k......

f'Ck) MI.t!:.tt tvSll.-riS".f1.t (13)=0; ,et

tj
. ~ P ce-pre,seVl1! o.s 0. SVlOCk. v

(I.e. peDpU's p(eJe(~V1u. 0Vl(:{I~,

wo.l'1t +z> s().ve, MOle,. in (Jrd..u':tv

~onSWV1e M(JYe, \Y1 +tu. w.·hAJ~) A+ k'+, .c'{t)~o line; Must SVJltt tv tlu.,ri~lt\t!
~ 1-0 so:\1S.fvj (13)::: 0 -Iv fCv. ri~w "GetlaYlU ~w~
Pet*" :'
, kll-j
lit k t < k6R
('

•. effec.:rs of ~ P Me, sICVl\lo.V' \v the effects of ® In *u SOlow Model

~

In 'ooth co.se, k t qroctuo.lllf W Q new ni~ ~ev Ieve-{ Ot k 1Io*

.ct o.t .f1"rst 7 l-Mt thtVl 1 +0 a leveA abov~ ~ one it Smteel txt.

.. ­
.
 20

Acldi119 G-o"t Pu~hases to the Mode,( ."

ASSWVle.,

~) Get) = Govt pl,.(rcltiasil11 (lAte, peV'" lAni+-- of effeC-hve- laboY

~C) G-ovt pu@ases 0.0 VlOt 0.. .f.fec,t" 'YJdivicLueJ.s' lAt711ht (eto(l/'~ affe(.,t Buler's : .ctt) ;;:0)
l~~) GO\it pl.ll'Lhase-s cto not etfft?c,t W1-u(e, output
Cv) G-Ovt pu-fl/hOSes a{e Hnancect I('(MP~SlA.(v\ 11;txes. •
>',\- .':

1
.' .

r -::= Y-c-G

"

k...,+(H)k 'I
~ '.
lYvlYl (1Lt-); [k'C-\;) -:: fTkGt)J - .cGt) - G(,t) - (n+<j) kCt) ] ' , (19)

~I

cO

M().~ i).. = 1;) e-~t ,.CCt)1-(!) ctt

too 1-e

S. t. f
rC
e:(Zet) eCrl<g)t; .C-c.t) ctt- ~ keo) +
oC

J e-f2(t)l"tS) [wet) :.. Gc,t)] dt.

ti~o V"o

r+owevu, GGO aJfec..ts HH'J Be

guppose,

\'/) 1Vle. eCCn10(Vl\.f is on et "l2>alcmCL &o~ H;rli1"

Vl) GGt) is COYlSw.v\,t' at Gl.

1 f &C.t) t to G- H -==)
,-1-
,ctt) = f Ck) - 1
G- cn+9)
k

".cc.t) MlAst! to satlfl( (R)-=-O

-:r---'"----t------------:!........I>k

k"'­ ~
o. k'c.t):::: 0 liM- ghj:fts W>W'YI
 21 /

.£(t) ,l.. 'lfY1iV1edia;teJ~ until veac,lttii\.j VlOw

sa-old Ie. PC\.tVt.

Note-~ '\) l' 6- o..OVl'+ ~.:ffec.t E.lAlev?s ~ ,c'i~;)-; 0 liyU. afe., uno..ffee--recL.
~ k 8. ( C;{Ve UVlClffee-teoC
2-) gi2£. of ~~ ; -\1;u. full al'\-rt of f&
L1vII S" is- Vlot coY15',S+evl:\- \;'1/ tW aSS WVl p.nQv1 -\Vtat t G :;) cvowd~ out Invest.
~
k f, '('t

AssuMe) the term'I"'~ dClt of /). G- is Q,Kp€e-ted

.c v-y C€ytO:lflty.

If "1 +0 GH :=:):P~; bvt+ 1'10+ '0"/ tW.. full

~, "
Ql\1t of f &
. IJ
I V
\4c.~)::::o MoSt-arvtt 8'ft G
!7J, -/, .
..

l ;:; -t. o.isCOYltl()(,{ol,(~ \y a.t ~ -n me.1't1.ctt G yetlAfflS

~~ ~-, .' 1/ +-0 6­
v l­

esuddl1l1 1i1 C\.l.·hkltlt'l i1-s s\,et'ldi~) ~ U ~ . cI is' CDY1+ifllAOlAS ll1.

£\'nc,t. tW. '(e~y''('l I()f &- +r; &1. I'~ ontlcipcdeel, \. (

-\'VIe.. disCOY1-nnuihf of MU \S also on-hCipClt-ec:t CLJiJic;,lt\. teHmot be OpHMwl tea' HH),.

. ~..ch~k is II) Ltrtticir(ltiDYlo~i1I1I'r.j,G
~ .

bCte.-~ 10 pOInt- t ~CtiVl S. r reiVIClins C()'(IsttLl',.. r

c/tt+W.SClMt \f'tTlioJ. \e"~.
p+e~
G ~ tv \-Is' )n'thtAi Ie.ve,t -==
I .
I

-----V'"c;~)

-+----l----L....-- ... -t
~

1:;0 t1
 22

8) DiaMOt1~ Model
AssuMe,

'v) Theve.. is tw Y1 0vty -'VI pOpul(1t10Vl \ YouVl9 Peap«.

Old P~ople.

~~) Eac,lll. o.geVlt ha~ C>l1ll1 '2-pevioets lite; t a...o.. totl

LL t ':: (1+;\) L t - I ~

tJIlev'e- Lt :::,/oUr19tltt

Lt - , ". Old.,

(\ ":: q ro""t0 rote.. ot populo-non

~~v)· Each.. 'wldivicWo.-t guppliU 1. IAVl'I+ of taboY v.{;)eVl Vle. IS young,
"" ., " ~

• .• 1..s <IS- rtXev.

(\.e.,...1
.,;:;")
I g
L.- ';;.
1.

~\J) Ut1 [it" is co~stCtvr\'-\'~lo.tiv€..-viS'k o..ver.>ion

MCtX tAi C;:. + (.-J-" C~:I .. . (2D)

. . .­
'= > •. ~ .
1-e \1 +p") """1'":e-. --,
"

trJtreye,. CU, :: CoYl~UMptiOYl of VOIAVl~ at t

c:H +1 :: Gilel.. at t ...., (\I0«l'1tj beCOMes OlcL)

(b = 1 -= etiS'cou~t mte...
1+P
P > -1
e > 0
The vtili+1.f tVl is nee-deeA tv be COflCCl,Ve, to'( \. Bo.lanud Growth p~tftt;

e, no (Oflgev helVe.- to ClCS£A/Vle... p.,? D

. - P-(\-(1-cn~>
~
0
%10+ l!fetiMe,
Tv ensu(€..
IA-li\11vt doesvH Olve r¥-, . P> ng
t1+(1- E

..
If p > 0 '=) He prefevS C1t tv C:z t .., ::::) tf P1 -:; Save, less

If P < 0 -;:.)
.
H~ pfefeq . C:ItTI 1v c 1t ---)
­ If to ~ = Save MoY"e

~ > -1 =-) 10 eVlWfe.. ~tw we-I~V\t on '2~d ~evioct COI'1\W"IptiO'Y1

IS positive, (P c.OVlVlOf oe neiJ·)
\/) 0LA~e.-t COVlS1rlAII'\'tr .1

'10Ur)~ f6C; G-,t-+-\(-~-' -:-@\-=

..tr~-:-~-~'( (21)

COnSV""pnM So..lI1'<tfJ

rvOte.~ L~ '" i

Old. IOC : \ C:zt~1 :. (1+Yhl) CAtW t - C1t)

,\ ( 22.)

- l' - 1 \ '" "==J '

UlililAMpntM retw (l rnte. ~ kt-r, .

at t+1

CZt+1 -= ( 1-tV'"Hl) k~-t'

Y\-ttl = ~
1+ V'-b-t\
~

C1t -+ ~ :. AtW t

1+I"H\

Nt1e(~ ft+\:' roJe, of '(e-l'um ~Q.t f) fiYl po.\fS to tC-u. 0101. .f}OIYl
leV'\o.l~ V1i~ ~o..v\~ lCClpito.\) to the fi(IYI,

W~ '" Jl1c,orfl e. lA.bo(',

[ Yt -:::. F( Kt , A.. l..t ~

At ~ (1+~)
ltJrte f €, At-I
~
tjfOwKIl rnte of ·tevhr1i~~SS".

v~~) Ma(\'e.ts ave. t{)lVlpelinve...

- Eac,1I\ ic<.tnhW ~'(iV1 eo.ms \I =- 0
inev'e ;s VIa dJfeGi~:HOY1
..

Ko -:: ',n\hcJ.s toev.. O\IV neet 'o'f old peop-Ct.

4. Lo becOfYlH Ole;\. OViY\S K, ? Prod.tA..().

L1 8lApplit5 L\ )

 rH-\'S PmlolgM:

~,t. C1t + CZtH

1-+Yi;+\

Foe:

-e
C'l.t..-, = c~: (1+P )
\'1+(w

(24-)

1Vle\/\, Su.I?StihAte elAlev?r h,W *u. COc~

.1­

c1t + (HYu;\-..SL = AtWt·

1+P J H'-t-tl

:::.

lYlis el{uoJiofl Shows tnlAt Y"t.-l detev"lVlifles -me fY-o..(>noY' of 'Income. he COYlSW\'le.5
st
in -the.. '1 peviod.,
Le t ~ ~vi~ ret re.:
1-9
~U') -= (1+Y'j"T
(1-+ P1 t+ (1+ Y)!.'1
~()..IIe ratt depeVlds OYi nt)
()" 'I will affect s depel'lOs O() Income. So ~ubStiMHvrn eft",,,t
Cb'f e)
 25 /

E-£LuCtlioYl ('2.b) i (VI p\i e-~ +VtfAt th.t '/olAng 's Sctvin~ t hi) yo < '')

I-P e <. 1. ~'> $(y)f iVl Y'

> o e< 1

< 0 &>1
f yo h~s ~ot'" income s- rUQstihA.-liOYl effec.~.
- :r.f e is \ow .,;') gut]. 6ff'e(,t o.OM·I()~:re-s

CrV1o\iviolM..M Mewill,ft9' tD 5'lAOSti-twte.. COVlSlAlVlptiCIYI,·ii-~ i ,pe0ods.

-The~ cL1oore, to f SD..vil1~ o/c, h~ pre.fey- 1lA.hA(e.. COflsu Nl p\1OV1.
- 'If e is Vlisn =-) !V1COMe. s--Hee:r olOMIVlo.t~.
(JV1cl.iv·\(:iu~G V\C\,ve strong pf efe(el'1C eS' tor SiMilo.Y' levels of
bottrl pevi ael CO\'1~U.M?\iOYl ') ,,) lh.e~ C~IOO U 10 ~ scwi~.

- If' e= 1. (\O~o.yjthMIC l)ti\i~) -:;) 2. effec.ts' balance

L.>, 'Ioun~'5 so.vif1~ rote is iY1c1epeVl~eVlt elf v:

EqLt~-tior'1 of MotiO(l of k
FfD(V1 ('2.\): Kt.-tl '=' A1:W~ -'l1-S(r't;-t1)1 AtWt;

[K~ =- ~(Y«I) (9AtW~

~
1
:. A9'31't9G\.te S'o.\Ji(\~ by '1oun~ 111 peYiocA t depends on labof'\ncome, ~t t '8­
1+le retu'fYl on cap·,t-oJ +hut save.,.s eJ<pec..t ivl pevioct -t+ I.
1VIeVl, dividt. 'ooiit'lsic(.t.,S '0'/ AtJr, Lt +,

Wv1e(e., Lt..., =- (1-t-h)'L.t­

At +, = (1-+-9) At
 2b

fYDM p.10 . Y't" . '='" f(14~)

Wt- -:=: f'Ckl,) - k t fCk t )
~w

~
~

~I -- 1 S[f(~)] [fCk)-k~f(~)l (0)

(1+1'1)(1+9)

1VliS is tkt £qlAahoVl of' MD-\l'Ofl 0'; k: kt-tl is; 0- .fUVlCtiO~ Kt;

A+ gteQ.Ot~ S+-C\.te..: - An ~vti\i bvi IMVI of' k

--fkt-l" = Kt {
.
I
....

Possi~iliiies tbr' 1ht (2elafiOVlslAip Jr"" ~l ~cl f4..

1J lo~o.~i-lVl{V\,'c. U+lliht;.. eOlob-Vol.{la~ Pt"od,'" Cspea'M qase,)
(vi. o.x \Aj, ~ }/;\C,t -t (.J-..\, 1vt, Czt...,
13",0
\}+p J

q,t. C,t + CZt-t1 :: A..,Wt

11-V-t... ,

FOe.: C1t .
0 .!-
C1 t
~
At
= )...-L
G~pJ c:t-t,
c'2.t..., :
1+Y't+,
~

S1. ::.
~ .cu\.erJS, , > , . (1.1).- ,
CZ-t+1 1-+ Yh l

C.I:- -t- ~I'"

"tH C -t
(J - / ~I
1
= A",lIIi-\:

C1 -t -::. (,\ -rP ') ,At W-t CV2..)

\:2-tP

VJ1eVl f);;1 Cloqi -::;) sex) ~

J­
2.-tP
~

. C1t .,. [1 - S(Y-t>... Jl J>.-t w~

~

~\'" e.t Kt-l-l :: At-wI; - c~ ~) KH1 -= A;wl; - [1-S(V'UI)1 A",lfoJi;

(~._.,\ : q
1­
KtT \
A..,.t...-.., ---
e-~AiiW~Q
'Z-te A.,..,(~y
 SUN MDN TUE WED THU FRt SAT

Subject: _ DDDDD[JD Date:

~ I _ ~~J. :::..... '1 p}. (1 + V1~ ( 1 +91..·.Yv.~· ..········· ·..··..·..·..··· · ···..·..··..···..····· (~.:?.2 .

. .
: : : : : : : : : :-.: : i~ . :~ ~.~~;:;;~:l;~-.::~~~~:-.;~:~ ::::If.~. ~;. :-.: :~-.: : : ~: :I: : : : : :-.: -.: : : : -': : : : : : : : : : : : -'-'-': -': . : : -':.: : : -':~: : : :-': : .
..............................._ _ _ _ :..Y."! :::: .f"J.I~::j;2.. = ~k oC
'::t
-
' .

. . . . . . . . . . . . . . . . . . .__ _ :~ ~~ :: :f~.~~2..= . ~_£C.!<-...tL . :::= ~:..= ~. ~.: = .c~.::::~2. ~t .

. V
............................._~11l..~ ~..c.f?~~ _........ . - - - --~ - .

............................._ _ :.~:!c~.\ :::: _ .. {1-t-~ (1 +~) ~)-.(1.=~1~~ =.Q..k.~ ....i.1'-.lt.L .

.- - - . - - ..- ..- - ..- - - - ~ - ·..0· ·..·..·..····..·-· · ·..· · ·· ··-· ······· _ .

I\<, ~{\V-
_ !* -- - _ - -_ _\<.4-._ _ -_ - - _- .

............................:[==-..~-=~.:.::::::~~ :: : .-=-.:.-: =.=-.~.: ::....- i ~:-..- ....\<:·~i..·..·.._ A.:t..~:t~..£A,~..'{. g~!~. : ..r~.H.L.: : :hd 0.~ ~.~ ..

, 1'\

::::: --==~::Jj:-::;::$-~~:_:~~-~~~~:~~~;~:;~~~~_~: I' ; .. I II

. . .~ ~ __~~ ~ ~:.Qy.e..dJ~:£.e.!.Y.l~= ~~~:tiQ.~ ..LMg.t!.~J.

I I: I I .
...L :.~ L I~. .tb.i.~ . c~S.~+- .. ~t.~q4.'{ ~~tt.k~ j~ 4J.D~tq~t ..
:
............................-F-=-''--..J.------.I.ol'~~~-lh;
I: : I
_
ever riMe,.,

k~ i(I' \<., 1<.

=::::=:~D~:~~~~~:~~~;J~~:~~::1:~)_::::~~:~;:-::::~::~~::':;~; "

. . . . . . . . . . . . .~£.. $IP.~.~ (;X± .. kL..:: k~ ='? .kJ l,t.~.i:1. L.~e.0:f;0.i~ k.~ 0':t~J.tqy \t1.~.~.~ ..£l'.~~I'.~.( , .

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•••_ h _•• ~._ '04 w.eHnl.Q:fc('(Nl(,d(~.tioY1 caVl.®J ~cGQ~.nLfo"".

•• ex. IDr@£ pClv-r .. of el!lJ_~.Y _.._ _.__ .

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.;!; .,

~~~~U __"'' 'hUUUUh'

2 POifl+S of View Ot f'lew &ro\Nth .~Th,--,e=o_(+~~~~_

. 'i) The dviVit1@ force of ~fOwth is the, a.cwMCAlatiOfl of kV\ovv\e~e-.

2) Extel'1diVlg capital -fa incllAde. HWYlO,t'\ Cap-'-'it'-"'e.t=\.'------_ _. ~

_U._••...U...•...__•.. _ ...._~_ ...~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~_ _~ ~ ~_ _~ ~ ~ ~ ~_ _~ _

._._A2... .~esea.rc;h. &. velielopMeV\t Mocle-\ (RJ.I) Model)

._ ~_.~_u_u_u.--'--'.=..:~,____'_'C><....l'_'_"'_"=__~_

_•....... :r:'f\ -\"his- Mode-\ we V1eed

. _ • • 00 . . . . 0 0 _ . _ . . . . . 00.00 • • 00 1) IV\troducin9 CWI explicit R&D <:;ee-wv ._~~_._-_ .

..............__...._~uMod.e-\iY'\~ the R-rocl l1 of new +-e(,V1V1ol.-'-0'Tte~ie-~.s~, ~~~~ _

__....UUh......U h.U 2} ~Od.eliVl9 tne alloco.tiol'1 of reso(JY'CU 0/"" qooet Prod!'.fn ~~D 1m.9':. .fyl!...h ...
........ U ••h ••• __
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h hh hh _._U :A..~t) .-;: tecvlOlocd"1 / kvtowled~-,-~. . _ .

. . . . . . . . . 0 0 _ . . 00 . . . .00
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./

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& Co" i'h:t-t gtock.

t +he tro.e,1ioYl ot \0.'001'" ~_._ eKo0eYlOl,ts 8< COYlst-zMt. .
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Subject: _ D D D D D D D Date:

_y} '2;1Q_ili__~_~_~:IP_I1 ~tf~J:tJ~ _ f.0._\! _ ~_~~~ __ .o._f. ~_elt\J.I~_qB~2--A-(~)

____________________ .Y._:~) Th~f.~ g,~~ ~ €!'l_~~J~r-Q~----2-1:Pf~':-Y~-~0.-~I-~~--;---- _A J:._X":_________________ _

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________________. . ....._.._.__§. r::~£l.?.f:\1._j:.h~eff§~~ __.<Jf.the ~!S.l~.t.i.Y.J9--.~±P.-f:I:<:--~.f..~9.-lt1IJ~0.-2---. .__ ._. _

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Let K'G-\:) -::: g V(t) - b K(t)

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 SUN MON TUE Vv'EQ Tl-lU r-RI SAT

Subject: o 0 D 0 0 00
......_ _ Ca.pi~..fup~ __ ~.~,~:_. _ .:....._ · _ _ .
mm --S"'/CtJ "= s· YCt)] . Cl.?.. m m _ m .

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[ALi;). L.L-\;)
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Let
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m . ' .. __ Q _. _ .
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---.- .__Q... GJlI_~m ~_t~ gLJ\ Q.t~p.~-~(;t-~---p-~--------f.2--q\c;--±---:Y.--~---:.--fJ7.-~-~JB"'-______________ . .

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SUN . MON rUE WED TbIU FAt SAT

SUbj8Ct: _ O[]ODDOe] Date:

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._._ C~~e ~_ ~ + e ;::~_ . _ n_._n_ _.m. ._m._m.nn._ _ , c,~:... ~-;; .

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as. In iVle roto\fl/ MO.d,M. .._._ .

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 SUN MON TUE WED THU FRI SAT

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