Suppose, for example, that an advance in production methods makes the efficiency of labor e double between 1980 and 2010. Pdf a contribution to economic growth researchgate. A romerian contribution to the empirics of economic growth. Theory regional policy demands a theory that explains the location of production and consumption. A contribution to the empirics of economic growth, journal. Contribution to the empirics of economic growth the. Multiple regimes and crosscountry growth behaviour. The lack of consensus is unfortunate because increasing the growth rates of the worlds many poor countries is a primary global policy goal.
The empirics of economic growth for oecd countries. Since the late 1980s, economists have done extensive work on the determinants of economic growth. Quah lse economics department, cep, and cepr, lxmdon, uk received 15 december 1093. A contribution to the empirics of economic growth, nber working papers 3541, national bureau of economic research, inc. Whilst cycles have been given much attention in the past see, for example, keynesian macroeconomics, following keynes, 1936, and present, for instance the theory of real business cycles cooley, 1995, and new keynesian economics for an overview, see mankiw and romer, 1991, to give just a few. This is because the periphery lacks the critical economic mass.
Willi semmler, alfred greiner, bobo diallo, armon rezai and anand rajaram k september 2006 abstract this paper responds to the development policy debate involving the world bank and the imf on the use of. This means that a single worker in 2010 is, in effect,as productive as two workers were in 1980. Gregory mankiw, david romer and david weil the quarterly journal of economics, 1992, vol. Endogenous growth and crosscountry income differences. A contribution to the empirics of harvard university. A model of longrun economic growth that emphasizes that technological change is influenced by economic incentives and so is determined by the working of the market system.
Empirics for economic growth and convergence in asian economies. Weil, title a contribution to the empirics of economic growth, journal quarterly. There is indeed a vast literature on the empirics of economic growth with an. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. The revival of interest in growth theory and empirics is now about ten years old. David romer, and david weil, a contribution to the empirics of economic. A contribution to the schumpeterian growth theory and empirics. Economic activity lured to the periphery by subsidies will in the long run end up in the core. Weil, a contribution to the empirics of economic growth, the quarterly journal of economics, volume 107, issue 2, may 1992, pages 407437. Were the magnitudes of the key parameters the savings ratio, the capitaloutput ratio, the rate of increase of the. It shows that an augmented solow model that includes accumulation of human as well as physical capital provides an excellent description of the crosscountry data. Durlauf, andros kourtellos, and chih ming tan1 september 22, 2005 1. Labor productivity the quantity of goods and services that can be produced by one worker or by one hour of work.
Understanding the mechanisms of economic development. A contribution to the theory of economic growth robert m. It argues that much of the modern empirical growth literature is based on assumptions about regressors, residuals, and parameters that are implausible from the perspective of both economic theory and the historical experiences of the countries under study. Considerable debate persists over the prospects for regional economic convergence and the nature of economic growth in a subnational context. No 3541, nber working papers from national bureau of economic research, inc abstract. The new empirics of economic growth amazon web services. A contribution to the empirics of economic growth nber. Thesis in economics submitted to the department of economics of siena university in march 2009 abstract the role of finance in explaining economic growth is a pervasive topic in both theoretical and empirical literature.
Annaelisabeth thum, centre for european policy studies, place du congres. Citations of a contribution to the empirics of economic growth. That is, even if the actual number of workers l stays the same from 1980 to. Determinants of economic growth in a panel of countries robert j.
Although endogenous growth theories have been invoked to explain persistent regional income gaps and related empirical phenomena, traditional models have yet to be fully discredited. In the early stages of economic development, both the banks and the stock market are important. Thus, this study examines the contribution of economic sectors to economic growth in malaysia and china by using time series data from year 1978 until 2007. Evidence from the cities, journal of urban economics, 34, 1993, pp. A contribution to the empirics of economic growth mankiw, romer and weil 1992 abstract. Evidence from nepal, international journal of economic sciences, international institute of social and economic sciences, vol.
The relationship between financial system development and. Technological change helps economies avoid diminishing returns to capital. A contribution to the empirics of economic growth, working papers 199024, brown university, department of economics. The augmented solow model and the productivity slowdown. Solow growth model the solow growth model is a standard neoclassical model of economic growth developed by robert slow and trevor swan in 1956. Citeseerx a contribution to the empirics of economic growth.
Although broughel thoroughly documents the signifi cant pro gress of. For full access to this pdf, sign in to an existing account, or purchase an annual subscription. Determinants of economic growth in a panel of countries. Population studies and training center pstc collection. Essays on the empirics of finance and growth in transition economies by arjana brezigar masten ph. A contribution to the empirics of economic growth 1992 cached. Economists musings on human capital investment european. Weil 1992, a contribution to the empirics of economic. Weil this paper examines whether the solow growth model is consistent with the international variation in the standard of living.
Technological progress in the solow model the third source of economic growth is technological. Barro growth rates vary enormously across countries over long periods of time. A contribution to the empirics of economic growth abstract this paper examines whether the solow growth model is consistent with the international variation in the standard of living. Essays on the empirics of finance and growth in transition. Some new findings, abstract this paper presents, using a new measure of human capital, robust results to show that in both the augmented and fully extended solow model with conditional convergence, human capital plays a significant role in explaining economic growth among the oecd.
Empirics for economic growth and convergence sciencedirect. Empirics for economic growth and convergence in asian. Convergence solow model predicts that, other things equal, poor countries with lower yl and kl should grow faster than rich ones. Pdf a contribution to the theory of economic growth. A contribution to the empirics of economic growth, the quarterly journal of economics, oxford university press, vol. This paper tests the null hypothesis of endogenous growth theories which predict cross country differences in trend growth rates against the alternative hypothesis of exogenous growth theories which predict the same trend growth rates. This paper examines whether the solow growth model is consistent with the international variation in the standard of living. There are three economic sectors that will be analyzed, which are agricultural sector, manufacturing sector and service sector. A contribution to the empirics of economic growth this paper examines whether the solow growth model is consistent with the international variation in the standard of living. A contribution to the empirics of economic growth econpapers.
Ceps working documents are intended to give an indication of work being. It shows that an augmented solow model that includes accumulation of. A contribution to the empirics of development and globalization. Productivity gains from the geographic concentration of human capital. New economic geography, empirics, and regional policy. It shows that an augmented solow model that includes accumulation of human as well as physical capital provides an excellent description. Whilst cycles have been given much attention in the past see, for example, keynesian macroeconomics, following keynes, 1936, and present, for instance the theory of real business cycles cooley, 1995, and new keynesian economics for an overview, see mankiw and romer, 1991, to give just a few examples, there has. A further augmentation of the solow model and the empirics of economic growth for oecd. The reason for these variations is a central issue for economic policy, and crosscountry empirical work on this topic has been popular since the early 1990s. Journal of monetary economics, december, 423, 495509. A model that explains growth rates in real gdp per capita over the longrun. A contribution to the empirics of economic growth mankiw et. Published as the quarterly journal of economics, pp.
A contribution to the empirics of economic growth n. The contribution of economic sectors to economic growth. A contribution to the empirics of economic growth,quarterly journal of economics, 107, 1992, pp. Macroeconomics is essentially about two things, growth and cycles.
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