《西方经济学原理》（英文版）Chapter 14 Land and Capital

ECSENOMICS Chapter 14 Land and Capital McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Chapter 14 Land and Capital

ECSENOMICS Fixed Land Must Work for Whatever It Can earn T-99 Figure 14-1 R S L Quantity of land McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Fixed Land Must Work for Whatever It Can Earn T-99 Figure 14-1

ECSENOMICS Tax on Fixed Land is shifted back to Landowners, with Government Skimming Off Pure Economic rent 1-100 Figure 14-2 R 400 300 D 200 E e三 100 D Quantity of land McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Tax on Fixed Land Is Shifted Back to Landowners, with Government Skimming Off Pure Economic Rent T-100 Figure 14-2

ECSENOMICS Present Value of an Asset 1-101 Figure 14-3 100 c80 Interest discount 60 弓40 Present value 20 0 5 10 15 20 Years from now McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Present Value of an Asset T-101 Figure 14-3

ECSENOMICS Investments Today Yield Consumption Tomorrow 1-102 Figure 14-4 Period of increased consumption ritty Island B Island A Period of Investment Present Future Time McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Investments Today Yield Consumption Tomorrow T-102 Figure 14-4

ECSENOMICS Short-Run determination of Interest and returns T-103 Figure 14-5 百p10 Short-run equilibrium E 0 K Stock of capital McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Short-Run Determination of Interest and Returns T-103 Figure 14-5

ECSENOMICS Long- Run Equilibration of the S Supply and Demand for Capital T-104 Figure 14-6 12 了5>10 E Long-run equilibrium D Stock of capital McGraw-Hilllrwin CopyrightC 2001 The McGraw-Hill Companies, Inc. All rights reserved

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Long-Run Equilibration of the Supply and Demand for Capital T-104 Figure 14-6

ECSENOMICS Trends in Wages and Profits in the United states 1-105 Figure 14-7 Real hourly wage rate (1999 prices) 12 10 2 Profit rate on corporate capital (%o per year) 1960 1965 1970 1975 1980 1985 1990 1995 2000 Year McGraw-Hilllrwin Source: U.S. Departments of Commerce and Labor

McGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Trends in Wages and Profits in the United States T-105 Figure 14-7 Source: U.S. Departments of Commerce and Labor