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Sources of U.S. Economic Growth in a World of Ideas

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  • Charles I. Jones

Abstract

Rising educational attainment and research intensity in recent decades suggest that the U.S. economy is far from its steady state. This paper develops a model reconciling these facts with the stability of U.S. growth rates. In the model, long-run growth arises from the worldwide discovery of ideas, which depends on population growth. Nevertheless, constant growth can temporarily proceed at a faster rate, provided research intensity and educational attainment rise steadily over time. Growth accounting reveals that these factors explain 80 percent of recent U.S. growth, with less than 20 percent coming from world population growth. (JEL O40, E10)

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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 92 (2002)
Issue (Month): 1 (March)
Pages: 220-239

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Handle: RePEc:aea:aecrev:v:92:y:2002:i:1:p:220-239

Note: DOI: 10.1257/000282802760015685
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  1. Underemployment Equilibria (Miscellanea)
    by Gabriel Mihalache in eclectecon on 2008-12-07 06:44:13
  2. L’avenir de la croissance américaine
    by ? in D'un champ l'autre on 2014-01-25 13:03:00
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