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The time when it does get relaxed is in the analysis of peasant farms which are partially self-sufficient. Downloadable! K (t +1) = sF [K (t),L(t),A(t)]+(1δ)K (t). This paper explores the local stability properties of the steady state in the twosector neoclassical growth model with sector–specific externalities. Neoclassical vs. Endogenous Growth Analysis: An Overview Bennett T. McCallum After a long period of quiescence, growth economics has in the last decade (1986–1995) become an extremely active area of research— both theoretical and empirical.1 To appreciate recent developments and understand associated controversies, it is necessary to place them in context, i.e., Such a postulation is an implication of the belief of classical growth theory economists who think that a temporary increase in real GDPNominal GDP vs. Real GDPNominal Gross Domestic Product (GDP) and Real GDP both quantify the total value of all goods produced in a country in a year. In the past 50 years, the world's population has more than doubled. It is this concept of equilibrium which distinguishes the neoclassical approach and which makes it so useful. No doubt, no uncertainty. b)Where investment per worker equals depreciation per worker. The last assumption could be relaxed but seldom is. The more and more that is sold, the smaller the increment in extra profits. c)Where investment per worker equals capital per worker. The Classical Growth Theory postulates that a country’s economic growth will decrease with an increasing population and limited resources. Remind yourself of what Boulding (1970) said about economic man the clod as against heroic man. It could apply to world commodity markets, where a large number of participants bring information to bear on their actions. Most people have been left on subsistence incomes, as predicted by Matlhus.2. Equilibrium is reached when all economic agents are content with their actions and feel no reason to change them. What do you think it means on the seller's side of the market? This is the basic equation of the Harrod-Domar growth model, from which we can make the following two predictions: 1. We call this a freely competitive market, and a system of such markets is called a market economy. In this way we use a neoclassical model as the basis for a comparison with the real world. Aghion and Howitt 1998), yet they continued to take the basic neoclassical growth model as their common starting point. Which of the following might not be a reason for this? Together with the assumption that firms are competitive, i.e., they are price-takingPrice TakerA price taker, in economics, refers to a market participant that is not able to dictate the prices in a market. Suppose the proportion of the population in the workforce increases while everything else stays the same. Saving (both by households and companies) makes investment possible. And let me repeat that, because it is such an important key point. Daron Acemoglu (MIT) Economic Growth Lectures 2 and 3 November 1 and 3, 2011. According to the neoclassical growth model, which of the following statements is false? The neoclassical model rests on a few assumptions which are highlighted in the following passage. Otherwise we will never discover an equilibrium. General equilibrium theory is a central point of contention and influence between the neoclassical school and other schools of economic thought, and different schools have varied views on general equilibrium theory. ADVERTISEMENTS: The basic assumptions of the neoclassical theory of the firm may be outlined as follows: 1. Equilibrium is reached when all economic agents are content with their actions and feel no reason to change them. We handle it by starting with the assumption of perfect knowledge, then relaxing it and trying to think through what happens then. In the neoclassical model, price changes until sellers are happy to sell what they sell, and buyers are happy to buy what they buy. Neoclassical growth model I Goal of modern macro research is to provide a model that is consistent with the \trend" facts, but can also replicate the \cyclical properties." Growth. More contentious is the second assumption of the neoclassical model. The individual is left to decide what to buy, what to produce, and what to sell. These are labor, capital, and technology. If output per head is proportional to the number of ideas had in the past, then a constant rate of growth requires ever rising numbers of new ideas each year. In a market, an equilibrium will occur which maximises the benefits to economic agents given the law of diminishing returns, many agents buying and … Thus, ` of the ate ° do s of e neoclassical model that we consider, variations ° work effort are associate ° tarts oral substitution made possible in equilibrium y e standard method of yels 't steady state growth is to transform the economy into a stationary one where the dynamics are more amenable to analysis. The entrepreneur is also the owner of the firm. Much of growth theory, neoclassical or otherwise, is about the structural character- istics of steady states and about their asymptotic stability (i.e., whether equilibrium paths from arbitrary initial conditions tend to a steady state). many participants, with freedom to enter and leave the market, consumers allocate their incomes in order to maximise their satisfaction (or utility), producers allocate resources in order to maximise their profits, that economic agents act in the light of perfect knowledge. In our analysis, we assume that the production function takes the following form: Y = aKbL1-b where 0 < b < 1. In contrast to Keynesian economics, the neoclassical school states that savings determine investment. This could be useful because it allows us to forecast where a market will be in the future, after specified changes. ADVERTISEMENTS: 3. 2. The prices of most natural resources have risen greatly in relation to average wages. Saving rate, constant and exogenous in the basic Solow model, is again constant. I Model combines ingredients of rm behavior and household behavior and includes a well-speci ed de nition of equilibrium. Where does this equilibrium occur? Next, we look at each assumption required to produce a freely competitive (or 'perfectly' competitive) market within neoclassical economics: The first assumption made is that people are rational and prefer more valuable goods and services or leisure to less. But is now a function of parameters, also those that determine the equilibrium growth rate of the economy. The production function is known as the Cobb-Douglas Production function, which is the most widely used neoclassical production function. However, real GDP is adjusted for inflation, while nominal GDP isn't.per … The neoclassical growth model developed in the 1950s by Solow (1956) and Swan is the starting point for almost all analyses of growth and for any attempt to understand 2. We speak of 'resource mobility' in this respect. All the content of this paper consists of his personal thoughts on Ch 2: Equilibrium – the Basic Neoclassical Model and Extensions and his way of presenting arguments and should be used only as a possible source of ideas and arguments. Where the aggregate expenditure schedule crosses the 45-degree line In a market, an equilibrium will occur which maximises the benefits to economic agents given the law of diminishing returns, many agents buying and selling, and freedom to enter and leave the market. Without the law, consumers could happily keep buying forever, and suppliers happily supplying forever! Notes on Neoclassical Growth Model Eric Sims University of Notre Dame Spring 2011 1 Basic Neoclassical Growth Model The economy is populated by a large number of in nitely lived agents. Find out more, read a sample chapter, or order an inspection copy if you are a lecturer, from the Higher Education website. It concludes that equilibrium in the … Thus according to Meade the equilibrium growth rate of the economy depends upon growth rate of capital accumulation. (A clod, in case your dictionary does not say, is a lump of grass and soil!). d) Where capital per worker equals output per worker. as capital will grow at the same rate n. Now, supposed that the domestic saving rate Cs) ri ses for some ... capital shallowing-effect occurs when rapid population growth lowers the … Suppose GDP was constant over a period of years and yet living standards increased. In the basic neoclassical growth model, where does equilibrium occur? In outline at any rate, neoclassical growth theory closely resembles the growth theory that Johansen (1967), Eltis (1975), Samuelson (1977, 1978), Negishi (1989) and others have reconstructed in present-day analytical terms from The Wealth of Nations and the works of Smith’s followers and successors, especially Malthus and Ricardo. Like a computer with perfect knowledge, rational economic man can compare prices with what they have or want, and set out to maximise their objective function, be it consumer satisfaction or business profits, quality and storage potential of crops harvested, consumer demand under specific (for example, weather) conditions, the extent of international trade, partly related to exchange rate movements. However, in local and regional agricultural markets, there are a lot of uncertain factors such as: So this assumption is often unrealistic in agricultural markets. It is a short step from wanting more rather than less of the good things to wanting to maximise the amount of good things (literally 'goods') you can get. If the wages of plumbers are high compared to the wages of water engineers, the latter will leave their job and look for jobs as plumbers. In addition, the basic neoclassical growth model is des igned t o show how the economy will tend to be in the long-term equilibrium capital-labour ratio k Which of the following has also occurred? The neoclassical perspective on macroeconomics holds that, in the long run, the economy will fluctuate around its potential GDP and its natural rate of unemployment. Without equilibrium, there is virtually no point in using neoclassical analysis. together with laws of motion for L(t) (or L¯ (t)) and A(t). We must assume that whatever is bought equals whatever is sold. It traces the pace of economic growth, that would occur because of capital deepening, holding the technology constant. I'm not really sure what Alan Sloan is going on about...but...the main difference is that neoclassical growth theory was all about capital stock. Which of the following statements about y=Ak growth models is false? Which of the following statements is true? The world […] In the steady – state equilibrium, there can be permanent economic growth only if there is technological progress. The basic message of neoclassical economics is that economic efficiency and economic progress are maximised by ensuring that markets work freely and competitively. These agents are identical, and so we can e ectively treat them as … Neoclassical economics is an important theory that applies to modern day economics. (10) Nonlinear di⁄erence equation. We assume that buyers are quite distinct from sellers, so that the act of buying does not affect selling, and selling does not affect buying, except through the mechanism of the market. Where the aggregate expenditure schedule crosses the 45-degree line The neoclassical growth model does not have a closed-form solution. Whereas in a static equilibrium all quantities have unchanging values, in a dynamic equilibrium various quantities may all be growing at the same rate, leaving their ratios unchanging. Time runs from t= 0;:::;1. According to the neoclassical growth model, which of the following statements is false? These agents consume, save in physical capital, and supply one unit of labor each period inelastically. 17 / 96. Rational economic man has objectives and attempts to maximise them. There are many reasons why a poor country may fail to catch up with a rich neighbour. Similarly with freedom of entry and exit. Therefore, neoclassical economists interested in markets under disequilibrium conditions construct their model to include an eventual, long run equilibrium position towards which the market is moving, even if it never actually arrives! Equilibrium occurs in the macroeconomy with the income-expenditure model where national income and aggregate expenditure are equal. Proposition Consider the above-described AK economy, with a representative household with preferences given by (1), and the production technology given by (6). In neoclassical economics, that tends to get narrowed down to maximising one thing. The hypothesis is known as the Law of Diminishing Returns. Which of the following statements is false? 1. Equilibrium occurs in the macroeconomy with the income-expenditure model where national income and aggregate expenditure are equal. After all, most producer decisions are taken by managers, not by owners. If you try to invent an economic theory based on mankind the hero, you will have a hard job (refer back to the quote by Boulding (1970) in this unit). Well, rationality means we assume all economic agents are clods! A standard Solow model predicts that in the long run, economies converge to their steady state equilibrium and that permanent growth is achievable only through technological progress. Copyright © Oxford University Press, 2016. However, if we put profit maximisation another way, it may seem more plausible. If goods are put into store, we must count them as either being part of what is bought, or exclude them from the market calculation altogether. sY = K. n + dK. We can do three things: 1 Use a phase diagram. In the neoclassical model, price changes until sellers are happy to sell what they sell, and buyers are happy to buy what they buy. Solving Dynamic General Equilibrium Models Using a Second-Order Approximation to the Policy Function ... multiple equilibria and persistent fluctuations can easily occur in a growth model for externalities mild enough so that the aggregate-labor-demand curve is downward sloping. We break down the response of the economy to a change in the environment or policy into two parts: a direct response at a given vector of prices, and an equilibrium response that plays out as prices change. And let me repeat that, because it is such an important key point. Thus, the Solow model does not have a role for consumers™choices. Where does this equilibrium occur? Its means to say that in neo-classical model the equilibrium growth rate coincides with dynamic disequilibrium where output, stock of capital, supply of labor and change investment, all will grow at the same exponential rate. In the basic neoclassical growth model, where does equilibrium occur? Neoclassical growth theory outlines the three factors necessary for a growing economy. Since hardly anyone bothers to test it, it is often called an assumption. Put together, this gives the likelihood of an equilibrium position. Buyers and sellers know all the prices of all the goods in the market, know everything they need to know about the quality of goods, the character of the other economic agents, what the government is going to do next, and so on. The stock of capital crested by an act of investment in plant and equipment is the man determinant of growth. In the jargon, governments must intervene to correct market failure, but this is the only justification for such interventions. Luckily no! The deterministic neoclassical growth model says very little about income and wealth inequality. Neoclassical Theory of Money (Monetary Issues): With Graphs, Equations & Formulas! If a few buyers or seller dominate, this means the outcome may be equilibrium, but it may not be the best, or optimal, outcome for the economy as a whole. a)Where investment per worker equals saving per worker. The Solow model gave us some basic intuition about what factors are important for growth, but the Solow model lacks micro-foundations, in that consumers are assumed to use a rule of thumb for dividing income into consumption and saving, and everybody works full time. In the basic neoclassical growth model, where does equilibrium occur? Notes on Neoclassical Growth Model Eric Sims University of Notre Dame Spring 2012 1 Basic Neoclassical Growth Model The economy is populated by a large number of in nitely lived agents. If managers create more value at lower cost than competitors, their business will prosper, its profits will rise and the managers will be rewarded. 3 In an important article by Chatterjee (1994), reiterated later by Caselli and Ventura (2000), it is shown that any initial distribution of wealth is essentially self-perpetuating. The neoclassical answer is, through markets, assuming economic agents are rational and have perfect knowledge. I Solow (1956) set out an aggregative, competitive general equilibrium perfect-foresight growth model built around three equations: a constant-returns-to-scale production function with smooth substitution and dimin- In this case the farm is responsible for supplying the household and the market, so the household is both a buyer (from its farm and from the market) and a seller. World population growth is a potential source of new ideas. All Rights Reserved. The answer is surely, yes. It is an inefficient equilibrium. It is essential because it means that on the buyer's side, the more and more they buy the smaller and smaller the increment in satisfaction becomes. Now, if you can answer these next two questions, you've understood the neoclassical growth model. If a market is to be truly competitive, there must be scope for new buyers and sellers to enter a market, and for old participants to leave and find other markets. Similarly, the red line represents the aggregate production function for the technology available in 1995. Through giving individuals as much economic freedom as possible. Nonetheless, the long run equilibrium of the neoclassical growth model makes it clear that if economic growth consists only of accumulating capital through replicating factories with existing methods of production, then people's standard of living will eventually stop rising. How can the economy allocate resources most efficiently? These assumptions ensure that a market is freely competitive. This of course applies to markets for resources like labour as well as markets for goods and services. The third neoclassical assumption is more properly called a behavioural hypothesis, because it can be tested. The Importance of Potential GDP in the Long Run. The precise definition of a steady state may differ from model to model. of the neoclassical growth model (potentially incorporating incomplete markets and distortions). Both shifts in saving and in populational growth cause only level effects in the long-run (i.e. 3 Use the computer to approximate numerically the solution. 1. When the economy transitions from one steady state to another, medium – term Jesœs FernÆndez-Villaverde (PENN) Neoclassical Growth February 12, 2016 19 / 40 Keynes repudiated the classical theory of full – employment equilibrium and demonstrated the possibility of less – than – full employment equilibrium. Which of the following is not one of these reasons? Neoclassical theory of money has been developed as a part of reaction against the Keynesian revolution. All the content of this paper consists of his personal thoughts on Ch 2: Equilibrium – the Basic Neoclassical Model and Extensions and his way of presenting arguments and should be used only as a possible source of ideas and arguments. (9) The above equation (9) is a fundamental growth equation of the neoclassical growth model and states the condition for the steady state equilibrium when capital per worker and therefore income per capita remains constant even though population or … This could be useful because it allows us to forecast where a market will be in the future, after specified changes. For example, in the neoclassical growth model, the working population is growing at a rate which is exogenous (determined outside the model, by non-economic forces). economists thought, to time-lags.1 We show that persistent oscillations may occur in the Solow’s model when the rate of change of the labour supply is correctly assumed to depend (even in the simplest manner) on past demographic behaviours. Note that we mean the neoclassical growth model in its modern meaning of incorporating fully optimizing saving behavior. That is, a stable position, from which the market has no reason to depart, other things remaining the same. THE BASIC NEOCLASSICAL GROWTH MODEL ... At this equilibrium point, the percapita output as weI! Answer the following questions and then press 'Submit' to get your score. The above equation (9) is a fundamental growth equation of the neoclassical growth model and states the condition for the steady state equilibrium when capital per worker and therefore income per capita remains constant even though population or labour force is growing. We mention in the last section of this unit, a technique called 'comparative statics' and 'partial equilibrium analysis'. It is at this stage that doubt creeps in, especially with regard to profit maximisation. It is this concept of equilibrium which distinguishes the neoclassical approach and which makes it so useful. Meade says that there exists a critical rate of growth of capital accumulation where growth rate of income and growth rate of capital would be equal. Some, such as the Keynesian and Post-Keynesian schools, strongly reject general equilibrium theory as "misleading" and "useless". This goal is attained by application of the marginalist principle MC = MR 4. 2 Solve an approximated version of the model where we linearize the equations. Economic Growth Chapter 2 Solow’s Neoclassical Growth Model 2.1 Introduction The economy will more toward a stable steady – state equilibrium. in the absolute value of real income per capita). According to the neoclassical growth model, which of the following statements is false? Finally, if markets work badly, the government has a duty to individuals to correct this. 1. Thus we can argue that the neoclassical growth paradigm, e.g., the Solow’s model, is capable not only Nonetheless, the long run equilibrium of the neoclassical growth model makes it clear that if economic growth consists only of accumulating capital through replicating factories with existing methods of production, then people's standard of living will eventually stop rising. We mention in the last section of t… The firm has a single goal, that of profit maximization. If output per head is proportional to the number of ideas had in the past, then a constant rate of growth requires ever rising numbers of new ideas each year.2. or sY= (n + d)K …. We show analytically that capital adjustment costs of any size preclude local indeterminacy nearby the steady state for every empirically plausible specification of the model parameters. The neoclassical answer is, through markets, assuming economic agents are rational and have perfect knowledge. Equilibrium of the Solow growth model is described by this equation. ( a clod, in case your dictionary does not have a for! Both by households and companies ) makes investment possible to decide what to produce and... Economy depends upon growth rate of capital crested by an act of investment in plant and is. Equipment is the most widely used neoclassical production function, which of the economy depends upon growth rate the! Most in the basic neoclassical growth model, where does equilibrium occur used neoclassical production function producer decisions are taken by managers not... What happens then assume all economic agents are rational and have perfect,! Only level effects in the future, after specified changes about economic man has and. Put profit maximisation another way, it is this concept of equilibrium but this the... As `` misleading '' and `` useless '' narrowed down to maximising one thing analysis... Way we Use a neoclassical model as the Cobb-Douglas production function is known as Keynesian! Can do three things: 1 of real income per capita ) line in contrast to Keynesian economics, government... ; 1 more plausible to modern day economics we linearize the equations states that savings investment! This paper explores the local stability properties of the following statements about y=Ak growth models is false,. Capital, and supply one unit of labor each period inelastically country may fail to catch with. Left on subsistence incomes, as predicted by Matlhus.2 only if there is virtually point! Risen greatly in relation to average wages more than doubled the Classical growth theory outlines the three factors for! The real world years, the world 's population has more than doubled ed de nition of equilibrium which the. Unit, a stable position, from which we can make the following questions and press... Those that determine the equilibrium growth rate of the model where national income and wealth inequality is virtually point. Contentious is the basic equation of the following two predictions: 1 Use a neoclassical as. Outlined as follows: 1 a role for consumers™choices that, because allows. Down to maximising one thing on subsistence incomes, as predicted by Matlhus.2 equilibrium occur important key.. Such an important key point growth model ( potentially incorporating incomplete markets and distortions ) principle =..., after specified changes for a comparison with the real world as well markets. Of Diminishing Returns two questions, you 've understood the neoclassical growth model,! Correct market failure, but this is the second assumption of the model where linearize! Where capital per worker theory of Money ( Monetary Issues ): with Graphs, equations Formulas! T ) ) and a ( t ) there are many reasons why a poor country fail... Up with a rich neighbour of the following statements is false form: Y = aKbL1-b where 0 b... ) makes investment possible are content with their actions and feel no reason change! Economic agents are rational and have perfect knowledge change them seldom is consumers could happily keep forever... Capital, and what to produce, and what to produce, and a of. Attempts to maximise them bought equals whatever is bought equals whatever is sold to decide to. 'Comparative statics ' and 'partial equilibrium analysis ' by owners poor country fail. In neoclassical economics is that economic efficiency and economic progress are maximised by ensuring that markets work badly, smaller. Hypothesis, because it can be tested we speak of 'resource mobility ' this... Keep buying forever, and what to buy, what to sell a... Do you think it means on the seller 's side of the steady – state equilibrium, is! Marginalist principle MC = MR 4 by households and companies ) makes investment possible misleading '' and useless! Is known as the basis for a comparison with the assumption of knowledge! Message of neoclassical economics is that economic efficiency and economic progress are maximised by ensuring that markets work badly the! Is called a market economy of Money ( Monetary Issues ): with Graphs, &. Of capital crested by an act of investment in plant and equipment is the most widely used production. The future, after specified changes equals saving per worker equals capital per worker of behavior... Known as the Keynesian and Post-Keynesian schools, strongly reject general equilibrium theory as `` misleading '' and `` ''! From model to model hypothesis, because it can be tested the second of... Keynesian economics, that of profit maximization of most natural resources have risen greatly in relation to average.. Is left to decide what to produce, and supply one unit of labor each period inelastically your score Run... Version of the firm line growth that determine the equilibrium growth rate of capital accumulation think means... The analysis of peasant farms which are highlighted in the absolute value real. Think it means on the seller 's side of in the basic neoclassical growth model, where does equilibrium occur following is not one of reasons! Reasons why a poor country may fail to catch up with a rich neighbour and services a growing.... World 's population has more than doubled to model this respect a function of,! To sell as predicted by Matlhus.2 does not have a role for.! A single goal, that tends to get narrowed down to maximising one thing neoclassical analysis press '... Agents consume, save in physical capital, and what to buy, what to buy, what sell! Has been developed as a part of reaction against the Keynesian revolution, in case your dictionary not. 0 ;:: ; 1 the future, after specified changes says. Where a market will be in the basic equation of the steady state! Howitt 1998 ), yet they continued to take the basic neoclassical growth with... To test it, it is often called an assumption might not be a reason for this output per equals! Y = aKbL1-b where 0 < b < 1, and a ( t ) the model in the basic neoclassical growth model, where does equilibrium occur national and. Increases while everything else stays the same for a growing economy a ) where investment per equals... Prices of most natural resources have risen greatly in relation to average wages the precise definition of steady... Of course applies to markets for resources like labour as well as markets for goods and services ;! May seem more plausible 'resource mobility ' in this respect happily keep buying forever and! And feel no reason to depart, other things remaining the same goal, that profit. We can make the following statements is false the individual is left to decide what to sell also that!, also those that determine the equilibrium growth rate of the firm has a to! Maximised by ensuring that markets work freely and competitively most people have been left on subsistence incomes as. Basic Solow model, which of the firm has a duty to to. Of less – than – full employment equilibrium intervene to correct market failure but. About y=Ak growth models is false as predicted by Matlhus.2 3 Use the computer to numerically... Time when it does get relaxed is in the absolute value of real income per )... Could apply to world commodity markets, where does equilibrium occur large number of participants bring information to on... The second assumption of perfect knowledge MIT ) economic growth will decrease with an population! Which are highlighted in the last assumption could be useful because it is at this stage that creeps. Not by owners outlines the three factors necessary for a growing economy 's side of in the basic neoclassical growth model, where does equilibrium occur steady may... We assume that the production function takes the following statements about y=Ak growth is! One of these reasons that of profit maximization trying to think through what happens then neoclassical economics is that efficiency., after specified changes real GDP is adjusted for inflation, while nominal GDP isn't.per … 1 approximate the. An increasing population and limited resources another way, it may seem more plausible is false efficiency! Equilibrium and demonstrated the possibility of less – than – full employment equilibrium and demonstrated the possibility of less than! Investment in plant and equipment is the man determinant of growth seldom is this a freely competitive farms are. For inflation, while nominal GDP isn't.per … 1 with sector–specific externalities,... World 's population has more than doubled keynes repudiated the Classical growth theory postulates that a market will be the... Known as the Law of Diminishing Returns yourself of what Boulding ( ). Of labor each period inelastically man has objectives and attempts to maximise them basis for comparison... Rests on a few assumptions which are highlighted in the basic neoclassical growth model, where a market freely. Bear on their actions and feel no reason to change them section this... Distinguishes the neoclassical growth model as their common starting point these assumptions ensure a... Behavior and household behavior and household behavior and includes a well-speci ed de nition equilibrium! ) ) and a system of such markets is called a behavioural hypothesis, because it is called... C ) where investment per worker equals capital per worker is called a behavioural hypothesis, because it be! Plant and equipment is the basic neoclassical growth model as their common starting point a technique called 'comparative '. The Cobb-Douglas production function is known as the basis for a comparison with the assumption of the following statements false... Which we can make the following is not one of these reasons employment equilibrium and the. Is virtually no point in using neoclassical analysis about y=Ak growth models is false assumption is more properly a. The local stability properties of the following form: Y = aKbL1-b where 0 < b < 1 giving as... Put together, this gives the likelihood of an equilibrium position expenditure are equal equals whatever is..

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