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HARROD-DOMAR MODEL: A model economic growth developed by R. F. Harrod and E. D. Domar that seeks to explain why an economy would not grow as fast has its potential growth rate. This model is based on the notion that actual income determines the amount saving, which is determines investment, which is what affects the rate of economic growth. If saving is not enough, the potential growth rate will not be achieved. The Harrod-Domar model, developed in the 1930s, has a strong Keynesian economic flavor, both indicating that the economy does not automatically achieve its potential.

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Lesson 16: Aggregate Shocks | Unit 4: Complex Shifts Page: 17 of 21

Topic: SRAS Increase <=PAGE BACK | PAGE NEXT=>

The case of an increase in the SRAS curve. Let's start at long-run equilibrium, Po and Qf.
  • With a rightward shift of the SRAS curve, the aggregate market achieves short-run equilibrium at a lower price level and more real production.
  • The labor market imbalance causes wages and production cost to rise. The SRAS shifts leftward, returning to its original position. The price level and real production return to full employment levels.
From long run to long run, nothing changed. But before the long-run adjustment, we have more production at lower prices.

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MARKET SHARE

The fraction of an industry's total sales or some other activity accounted for by one or more firms in the industry. An individual firm is often concerned with its "share of the market" as an indication of "success." Market share is also key to the analysis of market structure, market control, and industry concentration--especially for oligopoly. It can be used to indicated the degree concentration and market control of one or more firms in an industry. It can be used alone or to calculate concentration ratios and the Herfindahl index.

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