唯學網(wǎng)小編提醒：如果考生本科就是經(jīng)濟學專業(yè)的話，對于考CFA考試特許金融分析師作用非常大，不過這個證很難考的。所以考生首先要堅定自己的信心。考生最重要的想法是，現(xiàn)在不應該思考它有沒有用，而應該思考怎么才能考下來。希望本文對金融分析師考生能有幫助。

經(jīng)濟學

Reading 14 經(jīng)濟增長 Reading 20 經(jīng)濟衡量

1. Measuring economic activity:

1) Measures of economic activity:

GNI (國民總收入) = GDP + net property income from abroad;

NNI (國民凈收入) = GNI – depreciation.

2) GDP at current price = GDP at constant price * (1 + GDP deflator).

注：GDP平減指數(shù)既包含物價變動，也包含GDP組分的變動

2. Measuring economic growth:

1) Growth rate in real GDP;

2) Rule of 70: Approximate years for real GDP to double = 70 / growth rate (percentage).

3. Sources of economic growth:

1) Preconditions: incentive system – markets, property rights and monetary exchange.

2) Key factors driving economic growth:

a) Labor: investment in human capital;

b) Capital: saving and investment in new capital;

c) Entrepreneurial ability: discovery of new technologies.

3) Productivity curve: labor productivity (real GDP per labor hour) ~ capital per labor hour

a) Growth in capital per labor hour – movement along curve, law of diminishing returns;

b) Growth in technology – curve shift upwards.

c) One-third rule:

Labor productivity growth results from capital growth = 1/3 * growth in capital per labor hour;

Labor productivity growth results from technology growth = labor productivity growth - labor productivity growth results from capital growth.

4. Growth theory:

1) Classical growth theory (constant subsistence level): labor productivity rises above the subsistence level → subsistence real wages rise above the minimum required → population explosion → labor productivity is driven back to the subsistence level.

2) Neoclassical growth theory (constant target real rate of return = Δreal GDP per labor hour / Δcapital per labor hour): labor productivity rises due to lucky technology changes → increase in real rate of return → more investment and savings, but law of diminishing return holds → real rate of return is driven back to the target rate.

注：Population growth is independent of economic growth in the neoclassical model. The technology (and productivity) may stop growing when the real interest rate is equal to the target rate of return.

3) New growth theory (continuous economic growth): innovation → higher return → competition → lower return → incentive for innovation.

注：Knowledge capital is public goods and it is not subject to the law of diminishing return due to the incentive for innovation.

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