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Population Growth and Endogenous Technological Change: Australian Economic Growth in the Long Run

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  • RAJABRATA BANERJEE

Abstract

The Australian growth experience appears to be a three-act phenomenon, with higher per capita income and living standards before 1890 and after 1940, disconnected by a 50-year period of no trend improvement in between. This paper examines the roles of technological progress and population growth in Australian productivity growth over the past two centuries. The empirical results confirm that while population growth had a negative effect, innovative activity had a positive effect on productivity growth. Furthermore, the estimates strongly support the Schumpeterian growth hypothesis, which predicts that productivity growth is driven by the levels of research intensity in the economy.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 88 (2012)
Issue (Month): 281 (06)
Pages: 214-228

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Handle: RePEc:bla:ecorec:v:88:y:2012:i:281:p:214-228

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Citations

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Cited by:
  1. Banerjee, Rajabrata, 2011. "The US-UK productivity gap in the twentieth century: a race between technology and population," MPRA Paper 30889, University Library of Munich, Germany.
  2. Banerjee, Rajabrata & Roy, Saikat Sinha, 2014. "Human capital, technological progress and trade: What explains India's long run growth?," Journal of Asian Economics, Elsevier, vol. 30(C), pages 15-31.
  3. John Foster, 2014. "The Australian multi-factor productivity growth illusion," Discussion Papers Series 520, School of Economics, University of Queensland, Australia.
  4. John Foster, 2014. "The Australian growth miracle: An evolutionary macroeconomic explanation," Discussion Papers Series 521, School of Economics, University of Queensland, Australia.

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