Considere o modelo de Solow com uma função de produção Cobb-Douglas: !$ Y = K^a (NA)^{1-a} !$, em que Y, K, N e A correspondem ao produto, estoque de capital, número de trabalhadores e tecnologia, respectivamente. Avalie a proposição abaixo referente ao resultado deste modelo, no longo prazo:

Item 1 O salário (w) cresce à mesma taxa que progresso técnico.

At this, greens roll their eyes, complaining that it reduces nature to dollars and cents. In one sense, they are right. Some things in nature are irreplaceable—literally priceless. Even so, it is essential to consider trade-offs when analyzing almost all green problems. The marginal cost of removing the last 5% of a given pollutant is often far higher than removing the first 5% or even 50%: for public policy to ignore such facts would be inexcusable.

According to the text

Item 1 one must concede that there are limits to green accounting.

The land-bankers’ argument that value was an extrinsic quality – subject to changing “opinion and fashion” – was particularly relevant to the stock market, since from the launch of diving companies onwards the market had fallen for a succession of fads. The rise of the stock market in the early 1690s was accompanied by a fashion for increasingly extravagant ladies’ headdresses, which climbed in height from the early 1690s until they peaked at over seven feet in 1695 (the year the stock market crashed). This prompted Sir Richard Steel to remark that “Stocks have risen and fallen in proportion to headdresses” – an observation which anticipates the connection between women’s rising hemlines and the stock market in the 1920s (what has become the “hemline theory of stock prices”). In 1919 the average level of the hem above the ground was 10 percent of a woman’s height. In 1920, during the postwar recovery, the hemline rose to around 20 percent. In the recession of 1921, it fell back to around 10 percent. As the bull market took off in 1924, hemlines rose until they reached 25 percent, in 1927, at which point they met the knee. They remained there until late 1929. After the Great Crash, hemlines fell until with the onset of the Great Depression they brushed the ground.

According to the text, the “hemline theory of stock prices”

These, however, are obvious targets. What is really intriguing are efforts to value previously ignored "ecological services", both basic ones such as water filtration and flood prevention, and luxuries such as preserving wildlife. At the same time, advances in environmental science are making those valuation studies more accurate. Market mechanisms can then be employed to achieve these goals at the lowest cost. Today, countries from Panama to Papua New Guinea are investigating ways to price nature in this way.

According to the text

Item 1 water filtration and flood prevention are basic ecological services while wildlife preservation is a luxury.

Keynes argued that since the future could not be known with any degree of certainty values in the stock market ultimately depend on a state of confidence, itself the outcome of the “mass psychology of a large number of ignorant individuals.” Observing the ondulations of the market and the constant flux of credit more than two centuries earlier, Steele anticipated what has been called the “Castles in the Air” theory of value.

This theory suggests that shares have no intrinsic value and share prices are simply the product of investor psychology. One of the earliest associations of “castles in the air” with investment appears in Jonathan Swift’s poem The Bubble (1720), written after the collapse of the South Sea Company. In this poem, Swift attacks the company’s fraudulent directors and its credulous shareholders:

While some build Castles in the Air,
Directors build’em in the Seas;
Subscribers plainly see them there,
For Fools will see as Wise men please.

One can infer from the text that

Item 4 the arguments presented apply only to unregulated markets.

Considere o modelo:

Yt = αZ_t + βY_t-1 + e_1t (equação I)
Z_t = λZ_t-1 + e_2t (equação II)

em que !$ \alpha !$, !$ \beta !$ e !$ \lambda !$ são parâmetros e

!$ e_t = { \begin {pmatrix} e_{1t}\\e_{2t} \end{pmatrix}} \sim\,Normal \left [ { \begin {pmatrix} 0\\0 \end{pmatrix}}, { \begin{pmatrix} \sigma_{11}^2\,\,\,\,\sigma_{12}\\\sigma_{12}\,\,\,\,\sigma_{22}^2 \end{pmatrix}} \right ] !$

Item 1 O estimador de mínimos quadrados ordinários de λ, na equação II, não é consistente.