Economic growth through investment

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Economic growth through investment발음듣기

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In the last few videos we have been talking about the Production Possibilities Frontiers.발음듣기

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A relatively static thing, something you couldn't change but you could move along.발음듣기

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What I want to do in this video is think about maybe there are ways to change or expand the Production Possibilities Frontier.발음듣기

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And to do that, let's assume that our little hunter-gatherer has decided to become a strict carnivore.발음듣기

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So he's only focused on rabbits now.발음듣기

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And his whole happiness in life is optimizing the number of rabbits he can catch and eat in a given day.발음듣기

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And so let's, on one axis, let's draw the number of rabbits that he can catch in a given day.발음듣기

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So say it's 1, 2, 3, 4, 5, 6, 7, I can keep going on and on.발음듣기

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So this right over here is rabbits that he can catch in a given day.발음듣기

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But remember, he wants to optimize this.발음듣기

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He wants to think about how he can increase his productivity in terms of the number of rabbits.발음듣기

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And he knows, we will assume, he knows how to build rabbit traps.발음듣기

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So now we are going to do a Production Possibilities Frontier, not between rabbits and berries, but between rabbits and building rabbit traps.발음듣기

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So rabbit traps. Rabbit traps. So maybe some type of.. He is able to get twigs together and you know...he builds something... he puts the twigs together in a little thing.발음듣기

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You know, it's a little box.발음듣기

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That maybe he puts a little, I don't know, some type of carrot down over there.발음듣기

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And then if the rabbit comes and takes the carrot, then the box falls on the rabbit or something like that.발음듣기

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We do not have to go into the particulars of the actual trap.발음듣기

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But he can also spend his time building rabbit traps.발음듣기

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So let's say 1 rabbit trap, 2 rabbit traps and 3 rabbit traps.발음듣기

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And let's say that we are going to hold all other things equal.발음듣기

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Ceteris Paribus, so we are not worrying about other things.발음듣기

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And as we will see in most introductory economics classes, whenever you do a Production Possibilities Frontier, you are only doing it with 2 dimensions.발음듣기

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And so that's why you have a regular curve.발음듣기

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You could have one with 3 dimensions, where you are doing a trade off between three things.발음듣기

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But then you'd have to have a 3 dimensional graph.발음듣기

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And essentially, the Production Possibilities Frontier would be a surface.발음듣기

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But let's just focus on this right now.발음듣기

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Maybe I will do surface in the future just for fun.발음듣기

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So these are rabbit traps. And let's say that the Production Possibilities Frontier between the rabbit traps and rabbits looks something like this.발음듣기

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He could spend all his time making rabbit traps but in that case he won't get any rabbits and he will probably starve and that wouldn't be a good scenario.발음듣기

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Or he could spend all of his time hunting for rabbits and he would catch on average 5 rabbits per day.발음듣기

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But that would leave him no time to make rabbit traps.발음듣기

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So this is our current Production Possibilities Frontier.발음듣기

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Let me just draw it. This is our current Production Possibilities Frontier.발음듣기

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So I'll call this, 'P' - Production Possibilities Frontier.발음듣기

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And I will put a little zero subscript there.발음듣기

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That's our starting point. So he could sit anywhere over here and he would achieved productive efficiency anywhere on this curve,발음듣기

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but as we saw if he just spent all of his time if he just spent all of his time doing this over here he will never get any rabbit traps and so he won't be able to change the Productive Possibility Frontier.발음듣기

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But what happens if instead he decides that he does want to build rabbit traps?발음듣기

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So he decreases the number of rabbits a day to four.발음듣기

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And that allows him to make 1 rabbit trap per day.발음듣기

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So he wants to hang out in this scenario.발음듣기

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So every day that goes by, on average he is going to make four rabbits and he is going to build a rabbit trap.발음듣기

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So what's going to happen? So as we go, maybe into the next period, he would now have a rabbit trap after just one day that he can use to help catch rabbits.발음듣기

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So that will actually change the Production Possibilities Frontier.발음듣기

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So if he makes this investment, it will actually allow him in a given amount of time to actually catch more rabbits.발음듣기

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So if he does that, the Production Possibilities Frontier..발음듣기

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Having a rabbit trap won't allow him to make more rabbit traps in a day.발음듣기

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So the most rabbit traps he could make in a day is still going to be 3.발음듣기

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But maybe now he can catch 6 rabbits a day.발음듣기

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So it might look something like that.발음듣기

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So now he could either stop making rabbit traps and catch 6 a day, just with that one rabbit trap he has, or he can continue,발음듣기

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he can continue that and now actually he can catch 5 rabbits a day and still make 1 rabbit trap per day.발음듣기

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And maybe he decides to do that.발음듣기

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But it could be anywhere along this Production Possibilities Frontier.발음듣기

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So he could say I am happy eating the 4 rabbits a day.발음듣기

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I am going to make 2 rabbit traps now everyday.발음듣기

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And now after another period he gets even more productive and so then the production.발음듣기

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So let me call this one, this is after one day, Production Possibilities Frontier after one day.발음듣기

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And then after two days let's say he did this scenario right over here.발음듣기

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Now he's produced two rabbit traps.발음듣기

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Obviously this is... Maybe I am exaggerating how quickly his productivity would grow.발음듣기

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But maybe now the new Production Possibilities Frontier looks like, looks something like this.발음듣기

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He now has two rabbit traps.발음듣기

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So, or he may have two more rabbit traps.발음듣기

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He already had one. So he now has three rabbit traps after two days.발음듣기

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And so now if he wanted to devote himself purely to rabbit trapping, he could get 8 rabbits a day.발음듣기

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Or he could do some combination in between.발음듣기

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And actually this curve, this shouldn't go up at all.발음듣기

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I do not want to give you the impression that it went up and then down.발음듣기

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It just goes kind of straight, does something like that right over here.발음듣기

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So this right over here, I will call this Production Possibilities Frontier 2.발음듣기

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So what this hunter-gatherer is doing, in this scenario right here is, he is making an investment.발음듣기

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He is accumulating capital. This right over: this is capital.발음듣기

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He is choosing instead of to consume all of his resources.발음듣기

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So there's two things he can do, he can either spend all of his time in pure consumption getting as many rabbits as possible in a day and then eating them all, pure consumption.발음듣기

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Or he could reduce his consumption and then allocate some of his resources towards investment.발음듣기

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So this right over here, this is an investment.발음듣기

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It makes him more productive. This right over here is consumption.발음듣기

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There is some base level of consumption he needs to survive but if he invests, it increases his overall productive capacity.발음듣기

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So if you viewed him as an economy by himself, by investing, instead of consuming all of his resources by investing some of his resources and in this case his resources are his time, his expertise.발음듣기

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By investing some of them, he is able to increase his productivity.발음듣기

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And if you viewed him as an economy, he is experiencing ... Economic Growth.발음듣기

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And so there are multiple types of investment and we will talk about these in multiple videos.발음듣기

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In this case, he is doing Capital Accumulation.발음듣기

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He is building tools that will make him more productive.발음듣기

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Another type of investment, is essentially Technological Change, Technological Improvement, which will would actually make his tools even better.발음듣기

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So he could have a.. We can maybe draw another Production Possibilities Frontier between making rabbit traps and then doing R&D on inventing new types of rabbit traps.발음듣기

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So he could decide on which of those two things he wants to decide between.발음듣기

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But what I wanted you to just appreciate in this video is that, the Production Possibilities Frontier can change.발음듣기

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You can become more productive if you do have investment in R&D or Capital Accumulation.발음듣기

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And in this case that just happened to be Rabbit Traps.발음듣기

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