Saturday, April 14, 2007

On Growth Theory (Part 1)

In this posting, I pursue my colleagues’ spirit at Café Salemba on spreading economics ideas to general reader. Here, I try to keep the ideas as plain as possible. But putting economics ideas by words is not always simpler than writing by math expressions. However, let’s try.

Some central questions to macroeconomics theory are; why do economic growth rates differ across countries? Why does a country produce more while the others do not? Some countries that were poor grow faster (e.g. East Asian countries) while some countries that were pretty rich in the past grow slower (e.g. Latin America countries). Some seem to end in doom (e.g. Sub Saharan Africa). Why are the economies of some likely to converge to the same pattern (e.g. rich countries and East Asian countries)? How long does one country need to double its output and why does it take so long? Does capital gap explain the differences of growth rates among countries?


Below are some facts

Source: Charles I Jones, Introduction to Economic Growth 2002


Take Zimbabwe as a case. Its average growth rate from 1960-97 is around 0.4 percent. Hence it takes 192 years for Zimbabwe to double its output. It takes only 12 years for South Korea to double its output while the USA needs 50 years to double its output.


Here is a fact of rich countries' economies

Source: Charles I Jones, Introduction to Economic Growth 2002


The graph strongly illustrates that rich countries’ economies converge to the same pattern. Turkey, Mexico and South Korea experience the same thing. Then, another fact is

Source: Charles I Jones, Introduction to Economic Growth 2002


Some countries grow faster but some do not (see African countries). Finally, we also find that growth rates in many countries are persistent.


Source: Angus Maddison: The World Economy. A Millennium Perspective (OECD,2001)

These figures give us good clues. From this posting, we learn that economies grow gradually and stable over period, I mean there is no such “jump” up in economy. Moreover, we also find that growth rates in many countries are persistent. So far, we have four important clues: growth rates are persistent, varied across countries, they converge and grow gradually (relatively stable over periods).


Economists realize that output and factors of production (inputs such as capital and labor) may grow in a different direction. Percent of growth per se does not give us strong information about economic situation as the population also grows. Another problem: this information cannot tell for sure whether the economy of country A produces more output than that of the economy of country B.


Just pick any number, suppose Indonesia economy grows 5 % while Singapore grows 4 %. Looking these numbers and saying that Indonesia produces more than that of Singapore is not sensible. In fact, the Indonesian population increases by 3 % while the Singapore is almost zero. Here, Indonesians enjoy only 2 % additional income while Singaporeans keep 4 %.


As our fact suggests that economies converge, there must be law that both output and inputs (factor productions) move in the same direction. Well, we find the law by such a very simple way. Assuming that the population growth is not influenced by economy (we call it as exogenous since it is an external factor of our economy) and transforming all variables into per capita term make our life simpler. That is the law, "per capita variables"


Now we are ready to framing economy. Just for introduction, let us start from very simple growth model. This model assumes that an economy produces only one good; no government; no technical change; no unemployment; there are only two inputs, namely, capital and labor; saving rates, depreciation and population growth are constant (however after the model is established, we can do such some experiments on what happen if these three are no longer constant).


It is, moreover, common to think of this model as unrealistic. However I cannot agree more to David Romer’s, professor economics of UC Berkeley, suggestion[1].


I try to avoid using too much technical procedures in building our model. Let me begin from the first ‘equation’. An economy consists of capital and labor. Then, the output of economy is divided between investment and consumption. The fraction of output allocated to investment (or simply say saving rate) is assumed constant.


Since capital depreciates, capital stock (or an additional capital) must be equal to the fraction of current output allocated for investment minus the depreciation of existing capital. This is the second equation of our model.


Remember, we need that both output and inputs move in the same direction and we are interested in per capita income rather than unadjusted income. So we transform all variables into per capita terms. Since our model assumes that there is no unemployment, the terms “per capita” means “per labor”. Just for convention, later I’ll use “per labor” concept instead of per capita. But both are the same concept.


The next step is just doing simple exercise. By doing some technical manipulation[2], finally I end up with very important equation, the third equation. Then we call it as capital stock per capita.



The equation above tells that capital stock per labor should be equal to actual investment per labor (sŷ) minus break-even investment ( (n+δ)k ), where n is labor growth and δ is depreciation rate and k is capital per labor.


What is break-even investment? Intuitively, we know that capital is depreciating and population is growing. Therefore, to maintain capital per labor from depreciation and the growth of labor, we need some amount of investment which is exactly equal to (n+δ)k.


Graphically, the third equation can be drawn like this


Suppose our economy stays at K0/L, then gap BC is the amount of consumption per labor (per capita). DA is the amount of break-even investment and the rest, CD, is the amount of actual investment per labor (per capita).


Would this graph fit with empirical evidences? What does this graph tell us in reality? For a while let these things stay in our mind. I’ll continue to discuss what the graph means and implies, and we’ll find out why, according to our simple model, this statement might be true.




[1] David Romer says “The purpose of a model is not to be realistic. After all, we already possess a model that completely realistic-the world itself. The problem with that “model” is that it is too complicated to understand. A model’s purpose is to provide insights about particular features of the world. If a simplifying assumption causes a model to give incorrect answers to the questions it is being used to address, then the lack of realism may be a defect…if the simplification does not cause the model to provide incorrect answers to the question it is being used to address, however, then the lack of realism is a virtue”. Romer, David. Advanced Macroeconomics 2006


[2] The third equation comes up by differentiating the first equation with respect to time. Then dividing the second equation with capital (K) we find the growth rate of capital stock. Substituting this into the first equation, arranging them, we would find capital stock per capita

53 comments:

Anonymous said...

Good day !.
You may , perhaps very interested to know how one can manage to receive high yields .
There is no need to invest much at first. You may commense to receive yields with as small sum of money as 20-100 dollars.

AimTrust is what you thought of all the time
The firm incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with affiliates everywhere: In USA, Canada, Cyprus.
Do you want to become an affluent person?
That`s your choice That`s what you really need!

I`m happy and lucky, I began to get income with the help of this company,
and I invite you to do the same. It`s all about how to select a correct partner who uses your funds in a right way - that`s the AimTrust!.
I take now up to 2G every day, and my first investment was 500 dollars only!
It`s easy to get involved , just click this link http://nekibiwyri.the-best-free-web-hosting.com/atutyf.html
and go! Let`s take this option together to become rich

Anonymous said...

Good day !.
You re, I guess , probably curious to know how one can reach 2000 per day of income .
There is no initial capital needed You may begin earning with as small sum of money as 20-100 dollars.

AimTrust is what you thought of all the time
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with structures around the world.
Do you want to become a happy investor?
That`s your choice That`s what you desire!

I feel good, I began to take up income with the help of this company,
and I invite you to do the same. If it gets down to choose a correct companion utilizes your savings in a right way - that`s it!.
I take now up to 2G every day, and my first investment was 500 dollars only!
It`s easy to start , just click this link http://elizecibih.kogaryu.com/isilus.html
and go! Let`s take this option together to become rich

Anonymous said...

Hello !.
You may , probably very interested to know how one can make real money .
There is no need to invest much at first. You may start earning with as small sum of money as 20-100 dollars.

AimTrust is what you thought of all the time
The firm represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.

It is based in Panama with affiliates around the world.
Do you want to become an affluent person?
That`s your choice That`s what you really need!

I`m happy and lucky, I started to take up real money with the help of this company,
and I invite you to do the same. If it gets down to select a correct companion who uses your savings in a right way - that`s the AimTrust!.
I take now up to 2G every day, and my first investment was 500 dollars only!
It`s easy to start , just click this link http://vyqigeme.ibnsites.com/jycaqy.html
and lucky you`re! Let`s take this option together to get rid of nastiness of the life

Anonymous said...

Hello everyone!
I would like to burn a theme at this forum. There is such a thing, called HYIP, or High Yield Investment Program. It reminds of financial piramyde, but in rare cases one may happen to meet a company that really pays up to 2% daily not on invested money, but from real profits.

For quite a long time, I earn money with the help of these programs.
I don't have problems with money now, but there are heights that must be conquered . I get now up to 2G a day , and I started with funny 500 bucks.
Right now, I'm very close at catching at last a guaranteed variant to make a sharp rise . Visit my blog to get additional info.

http://theblogmoney.com

Anonymous said...

Good day, sun shines!
There have were times of hardship when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never thought that there weren't any need in big starting capital.
Nowadays, I feel good, I begin take up real income.
It gets down to choose a correct partner who uses your funds in a right way - that is incorporate it in real deals, and shares the profit with me.

You may ask, if there are such firms? I'm obliged to answer the truth, YES, there are. Please be informed of one of them:
http://theblogmoney.com

Anonymous said...

Good day, sun shines!
There have been times of troubles when I didn't know about opportunities of getting high yields on investments. I was a dump and downright stupid person.
I have never thought that there weren't any need in large initial investment.
Nowadays, I'm happy and lucky , I started to get real money.
It gets down to choose a proper companion who utilizes your money in a right way - that is incorporate it in real business, parts and divides the income with me.

You may ask, if there are such firms? I'm obliged to answer the truth, YES, there are. Please be informed of one of them:
[url=http://theblogmoney.com] Online investment blog[/url]

Anonymous said...

Do You interesting of [b]Levitra Cialis Viagra Price[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Levitra Cialis Viagra Price[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/buy%20viagra/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also [url=http://twitter.com/nivqkai]Lowest Cost Viagra in USA[/url] you can find on our sites.
Generic Viagra is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b]viagra over the counter mexico
can man ejaculate while using viagra
Pepsi Viagra
Viagra Price Increase
viagra novelty bottle
andros viagra
viagra patent date
[/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

Glad to materialize here. Good day or night everybody!

Let me introduce myself,
my name is Peter.
Generally I’m a venturesome analyst. all my life I’m carried away by online-casino and poker.
Not long time ago I started my own blog, where I describe my virtual adventures.
Probably, it will be interesting for you to find out how to win not loose.
Please visit my web site. http://allbestcasino.com I’ll be glad would you find time to leave your comments.

Anonymous said...

Do You interesting of [b]Viagra 100mg dosage[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Viagra 100mg dosage[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/buy%20viagra/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic Viagra is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b][/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

Do You interesting of [b]Female use of Viagra[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Female use of Viagra[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/viagra%2C%20tramadol%2C%20zithromax%2C%20carisoprodol%2C%20buy%20cialis/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/viagra%2C%20tramadol%2C%20zithromax%2C%20carisoprodol%2C%20buy%20cialis/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic [url=http://viagra.wilantion.ru]Viagra 100mg pills[/url] is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b]Viagra Dog
how is priapism treated from viagra
viagra users coments
Acheter Viagra Paris
herbal viagra india
viagra cyalis levitra compared
secretly give my wife viagra
[/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

Do You interesting of [b]Viagra 100mg dosage[/b]? You can find below...
[size=10]>>>[url=http://listita.info/go.php?sid=1][b]Viagra 100mg dosage[/b][/url]<<<[/size]

[URL=http://imgwebsearch.com/30269/link/buy%20viagra/1_valentine3.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/1_valentine3.png[/IMG][/URL]
[URL=http://imgwebsearch.com/30269/link/buy%20viagra/3_headsex1.html][IMG]http://imgwebsearch.com/30269/img0/buy%20viagra/3_headsex1.png[/IMG][/URL]
[b]Bonus Policy[/b]
Order 3 or more products and get free Regular Airmail shipping!
Free Regular Airmail shipping for orders starting with $200.00!

Free insurance (guaranteed reshipment if delivery failed) for orders starting with $300.00!
[b]Description[/b]

Generic Viagra (sildenafil citrate; brand names include: Aphrodil / Edegra / Erasmo / Penegra / Revatio / Supra / Zwagra) is an effective treatment for erectile dysfunction regardless of the cause or duration of the problem or the age of the patient.
Sildenafil Citrate is the active ingredient used to treat erectile dysfunction (impotence) in men. It can help men who have erectile dysfunction get and sustain an erection when they are sexually excited.
Generic Viagra is manufactured in accordance with World Health Organization standards and guidelines (WHO-GMP). Also you can find on our sites.
Generic Viagra is made with thorough reverse engineering for the sildenafil citrate molecule - a totally different process of making sildenafil and its reaction. That is why it takes effect in 15 minutes compared to other drugs which take 30-40 minutes to take effect.
[b][/b]
Even in the most sexually liberated and self-satisfied of nations, many people still yearn to burn more, to feel ready for bedding no matter what the clock says and to desire their partner of 23 years as much as they did when their love was brand new.
The market is saturated with books on how to revive a flagging libido or spice up monotonous sex, and sex therapists say “lack of desire” is one of the most common complaints they hear from patients, particularly women.

Anonymous said...

hi every person,

I identified ruang413.blogspot.com after previous months and I'm very excited much to commence participating. I are basically lurking for the last month but figured I would be joining and sign up.

I am from Spain so please forgave my speaking english[url=http://motivationalquotesmy.info/].[/url][url=http://methehottesttopics.info/].[/url][url=http://bamotivationalquotes.info/bookmarks].[/url]

robert turner said...

Thanks for the knowledge given about the Sildenafil citrate. Keep providing the information of Sildenafil citrate as much as possible.

Anonymous said...

arabische viagra viagra preis in apotheke viagra italien rezept besser wie viagra fragen zu viagra viagra und herzinfarkt kobra viagra viagra tod viagra doc morris viagra in griechenland

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra nebeneffekte viagra cobra viagra oder ähnliches ohne rezept viagra einfach so wie viagra einnehmen viagra gefahr benutzung viagra viagra belize viagra bei ms viagra in griechenland

Anonymous said...

thuoc viagra legal viagra kaufen apotheke holland viagra viagra preis viagra und seine wirkung viagra rezeptfrei online medizin viagra viagra und bluthochdruck viagra nl c20 viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra deutschland viagra tod viagra vorzeitiger samenerguss viagra rezeptfrei legal viagra für junge viagra dauer der wirkung viagra in polen kaufen jetlag viagra viagra preis viagra tbl

Anonymous said...

michi muzik viagra ephedrin viagra nebenwirkungen viagra viagra spam mails nöi viagra viagra kopfschmerzen viagra günstig bestellen viagra polen apotheke viagra online rezeptfrei bestellen viagra in italien kaufen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

spc viagra viagra online bestellen forum viagra bestellen online viagra aus spanien viagra einnahme viagra wie wirkt es viagra zitate viagra erfahrungen aspirin viagra viagra oder cialis besser

Anonymous said...

viagra rezeptfrei deutschland pumps und viagra viagra aus england viagra berichte viagra blau sehen medikament viagra viagra auf alkohol viagra preis apotheke viagra likör viagra nachlassende wirkung

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra aus türkei wirkt wie viagra pfizer viagra 100 viagra bluthochdruck viagra kaufen online wie viagra gruppa viagra blaue viagra viagra anwendung wirkzeit viagra

Anonymous said...

suche viagra herstellung von viagra venöses leck viagra viagra und arginin viagra bestellen ohne rezept viagra oder ähnliches ohne rezept viagra sildenafil citrate viagra langzeitwirkung generika viagra verschreibungspflicht viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

czy viagra uzaleznia alternative für viagra jelly viagra viagra sildenafil citrate viagra im alter viagra marke viagra linz online apotheke viagra viagra wirkungsweise viagra ohne rezept apotheke

Anonymous said...

horn pflanzliches viagra für potenzmittel hilfe und impotenz viagra aus indien preisvergleich viagra günstigste viagra viagra abhängigkeit generika viagra viagra potenzpille viagra bestellen schweiz viagra kaufen bestellen wirkweise viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

pfizer labs viagra diovan viagra viagra portal zoll viagra viagra und betablocker viagra internetapotheke viagra rezeptfrei holland consumo de viagra besser wie viagra viagra aus kanada

Anonymous said...

viagra und drogen pfitzner viagra viagra billiger viagra 100 dosierung gel viagra wenn viagra nicht wirkt viagra bergsteigen viagra wirkungsmechanismus türkisches viagra gratisprobe viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra ungarn viagra probieren viagra originalverpackung viagra sildenafil citrate ähnliche tabletten wie viagra viagra und speed viagra medikation levitra cialis viagra vergleich alternativen für viagra viagra und nitro

Anonymous said...

viagra auf rechnung bestellen bestandteile von viagra viagra mit aspirin viagra gefahren viagra online bestellen forum dogal viagra viagra herzinfarkt viagra rezeptfrei legal viagra verschreiben lassen viagra packungsgrößen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra erfahrung viagra in indien viagra hausmittel pfizers viagra viagra hoher blutdruck come il viagra alternativen viagra spamassassin viagra viagra deutschland viagra euro

Anonymous said...

viagra rezeptfrei kaufen viagra bestelle viagra generika preisvergleich querschnittlähmung viagra viagra kupic viagra und bluthochdruck blaue viagra kaufe viagra gebrauchsanleitung viagra halbe viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra niederlande spc viagra viagra wirkung und nebenwirkung viagra zutaten wirkzeit viagra viagra rezeptfrei seriös viagra ohne potenzprobleme ultimate viagra indisches viagra viagra 50 mg rezeptfrei

Anonymous said...

viagra mit rezept viagra mafia viagra gebrauchsanweisung viagra ch vergleich levitra viagra viagra folgen viagra pfizer preise viagra übers internet viagra 100 dosierung viagra woher

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

ipp viagra viagra günstiger verkaufe viagra viagra für die frau arzneimittel viagra viagra aus england viagra wie einnehmen viagra rezeptfrei in holland viagra versand aus deutschland viagra schmerzen

Anonymous said...

viagra internet strafbar viagra aus nl viagra halbe tablette viagra und bluthochdruck viagra selbst gemacht viagra frau kaufen vergleich levitra viagra cialis vergleich levitra viagra viagra erwerben viagra österreich

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

max raabe viagra pfizer viagra 50mg viagra online rezept viagra günstig kaufen viagra preiswert preis von viagra kosten viagra hat viagra nebenwirkungen echte viagra kaufen viagra online ohne rezept

Anonymous said...

viagra rezeptfrei apotheke viagra pflanzlich mit viagra viagra zum bestellen viagra ohne verschreibung viagra kaufen österreich viagra original ohne rezept viagra einnahme nils viagra ax viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra in spanien viagra in italien kaufen viagra at viagra filmtabletten viagra grün viagra suche viagra russische gruppe viagra rezeptfrei legal viagra frei erhältlich viagra wirkung

Anonymous said...

vergleich viagra neues viagra viagra flüssig comprar viagra viagra drogen viagra kaufen wien viagra apo viagra rezeptfrei deutschland viagra generika indien preise viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

online viagra und cialis kaufen viagra generika rezeptfrei frau viagra viagra versand aus deutschland viagra schmerzen wirkungsweise viagra viagra in der schweiz rezeptfrei viagra ohne potenzprobleme viagra und arginin viagra kaufen ohne rezept

Anonymous said...

wirkt viagra immer kgr 100 viagra viagra kaufen bestellen viagra keine wirkung gbl viagra wirkzeit viagra spamassassin viagra risiken bei viagra viagra aus indien risiken von viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra cobra viagra wann einnehmen viagra generika forum viagra kur viagra kostenlos unterschied viagra cialis viagra wirkung bayanlara viagra viagra vergleich was für nebenwirkungen hat viagra

Anonymous said...

viagra auf rechnung ohne rezept viagra versandapotheke cumpara viagra viagra ohne verschreibung viagra hausmittel viagra pfizer preise patentschutz viagra probe viagra netpharm viagra viagra bergsteigen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

macht viagra abhängig vergleich levitra viagra viagra auf rechnung bestellen viagra anwendung türkisch viagra viagra med1 viagra preis viagra mails viagra rezeptfrei online viagra cobra

Anonymous said...

viagra heilung hamster viagra viagra apotheken viagra auswirkung wie viagra nebenwirkungen bei viagra vergleich viagra viagra in den usa kaufen viagra in italien kaufen arginin viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra rezeptfrei niederlande viagra zum bestellen lilly viagra kaufen viagra viagra alter kosten viagra pfizer viagra preis gruppa viagra viagra halbwertszeit viagra wirkungsmechanismus

Anonymous said...

viagra fälschung viagra in holland kaufen viagra der natur antibiotika viagra vorhofflimmern viagra viagra telefonisch bestellen viagra venlo herbal viagra wikipedia viagra handel viagra bestellen online

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra als dopingmittel viagra rezeptfrei apotheke viagra zum spass online viagra kaufen viagra lizenz viagra fakes viagra einzeln kaufen viagra günstiger vergleich cialis viagra viagra 100 mg 12 st

Anonymous said...

viagra testbericht viagra testen witz viagra neues viagra viagra ähnliches viagra kaufen in deutschland vergleich cialis viagra verkauf von viagra viagra wo kaufen viagra funktioniert nicht

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra mit 16 wirkungsdauer von viagra viagra für die frau kaufen dinamico viagra viagra risiken nebenwirkungen viagra günstig online kaufen billig viagra wenn viagra nicht hilft viagra 20mg viagra aus england

Anonymous said...

viagra wirkt nicht viagra testen viagra preise deutschland cgmp viagra gloria viagra myspace viagra aus china viagra rezeptfrei in der apotheke myspace gloria viagra viagra per nachnahme kaufen viagra fragen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

risiko viagra viagra legal erwerben ephedrin und viagra hipertension y viagra charite viagra viagra polen apotheke arzneimittelgesetz viagra herbal viagra wikipedia viagra likör kaufe viagra

Anonymous said...

viagra antidepressiva rezept viagra viagra rezeptfrei legal viagra italien rezept generika viagra probleme mit viagra viagra wann viagra suche viagra rezeptfrei günstig viagra kostüm

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra pfizer nebenwirkungen viagra bestellen ch hersteller viagra viagra schwul cgmp viagra wie wirkt viagra viagra und betablocker viagra sport cuba viagra gefahren viagra

Anonymous said...

viagra zu kaufen nitrolingual viagra cuba viagra hiv und viagra viagra preiswert preise viagra viagra in spanien viagra wie lange wirkt es viagra vom arzt viagra linz

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

hilft viagra alternative zu viagra herstellung von viagra viagra ohne rezept auf rechnung viagra topliste viagra ähnlich besser als viagra viagra tropfen viagra herzrasen dhea viagra

Anonymous said...

viagra rezeptfrei ausland viagra apotheke preis wirkung von viagra viagra preiswert viagra bei pulmonaler hypertonie viagra nebenwirkungen viagra witz gibt es viagra rezeptfrei viagra kaufen im internet viagra droge

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra einführen auswirkung viagra wie lang hält viagra viagra creme viagra ausprobiert viagra erfahrungsberichte verkauf viagra chinese herbal viagra viagra zu verkaufen viagra rezeptfrei in holland

Anonymous said...

halbe viagra verschreibungspflicht viagra viagra generika versand viagra kaufen apotheke viagra nur auf rezept viagra erfahrungsberichte viagra marke viagra kauf online wirkt viagra immer viagra auswirkung

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

do czego jest viagra spanien viagra rezeptfrei preis viagra viagra wie lange haltbar koks und viagra generika von viagra meinungen zu viagra nebivolol viagra viagra aus der schweiz viagra ohne rezept online bestellen

Anonymous said...

viagra cobra spc viagra generika viagra cialis viagra nach prostata op viagra ch viagra aus den usa ist viagra verschreibungspflichtig gebrauchsanleitung viagra viagra aus deutschland bestellen viagra preis in apotheke

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra apotheke deutschland viagra rezeptfrei auf rechnung viagra polen apotheke viagra generika test apotheke viagra rezeptfrei viagra rezeptfrei apotheke wirkt viagra immer bestellung von viagra bizrate viagra homöopathisches viagra

Anonymous said...

viagra münchen gleiche wirkung wie viagra viagra überdosierung arginin und viagra viagra bluthochdruck gloria viagra myspace viagra über internet viagra preise viagra aus holland viagra originalverpackung

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra kopfschmerzen viagra mit rezept viagra online kaufen ohne rezept viagra 5mg potent ohne viagra viagra frei bestellen viagra und kokain viagra gratis gelbe viagra viagra bei ms

Anonymous said...

viagra indien viagra generika günstig viagra und betablocker spamassassin viagra charite bio viagra gedicht viagra viagra oder levitra emea viagra viagra zeit viagra rezeptfrei in holland

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra in der türkei kaufen viagra und co rezept viagra viagra bestellen online sintrom viagra viagra telefonisch bestellen viagra apotheke deutschland viagra folgen viagra nitro funktion von viagra

Anonymous said...

viagra hilft nicht viagra aus thailand death by viagra viagra bester preis viagra folgen viagra packungsbeilage viagra erlebnis viagra wo kaufen bestellen viagra viagra risiken und nebenwirkungen

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

wendi friesen virtual viagra alternative für viagra arzneimittelgesetz viagra pro viagra viagra selbst gemacht rezeptfrei viagra bestellen viagra bestellen paypal viagra aus dem internet viagra auflösen viagra in holland kaufen

Anonymous said...

günstig viagra kaufen cialis und viagra ultimate viagra viagra dauermedikation viagra spanien rezeptfrei viagra wirkungsdauer vergleich levitra viagra viagra und mehr viagra nach prostata op viagra maus

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

viagra wirkung lässt nach preis viagra günstiges viagra viagra vergleich billiger als viagra viagra preise effekt viagra viagra nl gedicht viagra köpa viagra

Anonymous said...

beste viagra viagra nasil kullanilir viagra i alkohol viagra wie einnehmen viagra bericht viagra probiert viagra in der apotheke kaufen viagra ja oder nein wirkungsweise viagra nebenwirkungen von viagra

[url=http://www.turbo-slim.com/index.php?productID=11]viagra kaufen[/url]

pfizer viagra 100 viagra mit 16 viagra frau viagra ch viagra rezeptpflicht österreich viagra witz viagra wirkzeit viagra blau sehen viagra packstation viagra arten

Anonymous said...

[url=http://nikebengalsnflstore.com/]A.J. Green Women's Jersey[/url]

In composition beryl is a silicate of aluminum and glucinum BURCHILL is a 20-year veteran entrepreneur and information technology executive who now provides strategic marketing consulting services to a select group of clientsMaybe God Used Evolution To Create Man: To argue against the evidence would take more space than allowed here for the task
5 Take your family out for a picnic or for a stroll along the beach or through a country park, take a cool drink outside and watch the sunset, find the simple pleasures that make life so much more special and worth living3 MANIFESTATIONS OF UNPROFESSIONALISMEvery individual in any civilised society is ruled by a code of conduct proper to that society in general and by a code of conduct proper to one's role in that society in particular I summarize the 'decoding' since it was not dependent on microscopic cross-sectional analysis of single marks but on a determination of the changing strategies involved in a complex sequence of visual, symbolic, problem-solving?

[url=http://officialnflfalconsstore.com/]Roddy White Jersey[/url]
[url=http://nikebengalsnflstore.com/]Andy Dalton Women's Jersey[/url]

Anonymous said...

dating underground tank leak http://loveepicentre.com/map.php who's dating who dermot o leary

Anonymous said...

http://site.ru - [url=http://site.ru]site[/url] site
site

Anonymous said...

back to basic training ebook trading http://audiobookscollection.co.uk/Advanced-Photoshop-CS3-Trickery-and-FX/p156609/ golf for dummies ebook free download [url=http://audiobookscollection.co.uk/it/Mac-OS-X-Panther-Timesaving-Techniques-for-Dummies/p134198/]no telephone in heaven ebook[/url] ebook foundations of behavioral research

Anonymous said...

bookmark creation software http://buyoem.co.uk/it/product-37132/RAID-Reconstructor-3-0 gnu speech to text software [url=http://buyoem.co.uk/product-12336/iView-MediaPro-2-5-Mac]wireless antenna software companies[/url] best free recording online software
[url=http://buyoem.co.uk/fr/product-10388/Microsoft-Office-2004-Professional-Mac]Microsoft Office 2004 Professional [Mac] - Cheap Legal OEM Software, Software Sale, Download OEM[/url] beyond solutions auction software main page
[url=http://buyoem.co.uk/product-36507/Creative-Dimension-3DSOM-3-1][img]http://buyoem.co.uk/image/1.gif[/img][/url]

Anonymous said...

bootleg lp software http://buyoem.co.uk/product-36765/PowerArchiver-2011-12-0 meun planning software [url=http://buyoem.co.uk/product-14306/BBEdit-8-6-Mac]blackboard software[/url] gims software
[url=http://buyoem.co.uk/product-35044/South-River-Titan-FTP-Server-Enterprise-Edition-8-4-x64]South River Titan FTP Server Enterprise Edition 8.4 x64 - Software Store[/url] slp 240 software
[url=http://buyoem.co.uk/product-37228/Nufsoft-Water-Illusion-Screensaver-3-9][img]http://buyoem.co.uk/image/1.gif[/img][/url]

Anonymous said...

mcafee virus software downloads http://buyoemsoftware.co.uk/de/product-37144/SpotIM-1-8 best palm productivity software [url=http://buyoemsoftware.co.uk/it/category-14/Altri]xbox software upgrade[/url] best quality pictures from space software
[url=http://buyoemsoftware.co.uk/fr/checkout/cart]Panier - Cheap Legal OEM Software, Software Sale, Download OEM[/url] snapin software washington
[url=http://buyoemsoftware.co.uk/product-16721/Netshred-X-4-1-Mac][img]http://buyoem.co.uk/image/8.gif[/img][/url]

Anonymous said...

telephony software http://buysoftwareonline.co.uk/it/product-14401/PDFProtect-Mac best iso software [url=http://buysoftwareonline.co.uk/de/product-37366/Video-Watermark-Factory-1-0]dti software[/url] bre software fresno ca
[url=http://buysoftwareonline.co.uk/fr/category-200-214/Autres]Autres - Cheap Legal OEM Software, Software Sale, Download OEM[/url] technology advice presentation software
[url=http://buysoftwareonline.co.uk/it/product-37097/NexusUltimate-11-6][img]http://buyoem.co.uk/image/1.gif[/img][/url]

Anonymous said...

[url=http://certifiedpharmacy.co.uk/testimonials.htm][img]http://onlinemedistore.com/6.jpg[/img][/url]
cvs pharmacy ireland road south bend in http://certifiedpharmacy.co.uk/products/zovirax.htm axion pharmacy [url=http://certifiedpharmacy.co.uk/products/brand-amoxil.htm]biggs pharmacy[/url]
pharmacy independence missouri http://certifiedpharmacy.co.uk/products/innopran-xl.htm medical alternatives infusion pharmacy services [url=http://certifiedpharmacy.co.uk/products/hard-on.htm]hard on[/url]
pharmacy programs in the state of kentucky http://certifiedpharmacy.co.uk/products/sublingual-viagra.htm tadalis pharmacy [url=http://certifiedpharmacy.co.uk/products/zaditor.htm]canadian discount drug pharmacy[/url]
online pharmacy deals http://certifiedpharmacy.co.uk/products/serophene.htm harvey pharmacy perth [url=http://certifiedpharmacy.co.uk/products/tentex-royal.htm]tentex royal[/url]

Anonymous said...

[url=http://englandpharmacy.co.uk/categories/anti-herpes.htm][img]http://onlinemedistore.com/7.jpg[/img][/url]
pharmacy technician north carolina http://englandpharmacy.co.uk/products/ranitidine.htm international pharmacy lists [url=http://englandpharmacy.co.uk/products/fosamax.htm]zitomers pharmacy[/url]
marks pharmacy oak street http://englandpharmacy.co.uk/products/astelin.htm no scripts pharmacy [url=http://englandpharmacy.co.uk/products/benicar.htm]benicar[/url]
pharmacy tech job http://englandpharmacy.co.uk/products/xplode--stamina--energy-and-sex-enhancer-.htm pharmacy errors [url=http://englandpharmacy.co.uk/products/viagra-super-active-plus.htm]migraine feverfew pharmacy[/url]
pharmacy techinician online course http://englandpharmacy.co.uk/categories/anti-herpes.htm legit phentermine pharmacy suppliers [url=http://englandpharmacy.co.uk/products/herbolax.htm]herbolax[/url]

Anonymous said...

[url=http://fdaapproved.co.uk/products/depakote.htm][img]http://onlinemedistore.com/4.jpg[/img][/url]
pharmacy christmas http://fdaapproved.co.uk/products/confido.htm pharmacy robberies [url=http://fdaapproved.co.uk/products/pamelor.htm]homeopathic pharmacy wisconsin[/url]
wakmart pharmacy http://fdaapproved.co.uk/products/entocort.htm united pharmacy cpap [url=http://fdaapproved.co.uk/products/norvasc.htm]norvasc[/url]
total pharmacy supply http://fdaapproved.co.uk/catalogue/i.htm pharmacy employment trends newspaper article [url=http://fdaapproved.co.uk/products/kamasutra-superthin-condoms.htm]best national pharmacy promotion codes[/url]
job pharmacy http://fdaapproved.co.uk/products/tadalis.htm pharmacy powerpak [url=http://fdaapproved.co.uk/products/quibron-t.htm]quibron t[/url]