唯学网小编提醒：如果考生本科就是经济学专业的话，对于考CFA考试特许金融分析师作用非常大，不过这个证很难考的。所以考生首先要坚定自己的信心。考生最重要的想法是，现在不应该思考它有没有用，而应该思考怎么才能考下来。希望本文对金融分析师考生能有帮助。
经济学
Reading 14 经济增长 Reading 20 经济衡量
1. Measuring economic activity:
1) Measures of economic activity:
GNI (国民总收入) = GDP + net property income from abroad;
NNI (国民净收入) = GNI – depreciation.
2) GDP at current price = GDP at constant price * (1 + GDP deflator).
注：GDP平减指数既包含物价变动，也包含GDP组分的变动
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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