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A Smithian analysis of the Colombian economic growth

Author

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  • Diana Marcela Jiménez
  • Carlos Humberto Ortiz

Abstract

Statistical analyses show that, after controlling for the accumulation of productive factors, the joint effect of the diversification of manufacturing inputs and the urban population purchasing power has a positive and significant impact on the Colombian economic growth. Furthermore, there is statistical evidence that shortages or deficiencies of public infrastructure and public services, as well as the violations of property rights diminish economic growth. These results are consistent with the Smithian vision of economic development.******Análisis estadísticos revelan que, después de controlar por la acumulación de los factores productivos, el efecto conjunto de la diversificación de los insumos manufactureros y la capacidad de compra de la población urbana tiene un impacto positivo y significativo en el crecimiento económico colombiano. Además, se ofrece evidencia estadística de que los recortes o deficiencias de la infraestructura pública y de los servicios públicos, así como las violaciones de los derechos de propiedad disminuyen el crecimiento económico. Estos resultados son consistentes con la visión smithiana del desarrollo económico.

Suggested Citation

  • Diana Marcela Jiménez & Carlos Humberto Ortiz, 2016. "A Smithian analysis of the Colombian economic growth," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 34(79), pages 66-77, April.
  • Handle: RePEc:col:000107:014433
    DOI: 10.1016/j.espe.2016.01.002
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    Citations

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    Cited by:

    1. Carlos Humberto Ortiz & Diana Marcela Jiménez & Gissel Natalia Cruz, 2019. "The impact of infrastructure on economic growth in Colombia: a Smithian approach," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 90, pages 97-126, Enero - J.
    2. Carlos Humberto Ortiz & Diana Marcela Jiménez & María Liliam Jaramillo, 2019. "Productive diversification and structural change in closed and open economies," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 91, pages 11-39, Julio - D.
    3. Ortiz, Carlos Humberto & Jiménez, Diana Marcela & Jaramillo, María Liliam, 2019. "Diversificación productiva y cambio estructural en economías cerradas y abiertas," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 91, pages 1-29, July.
    4. Ortiz, Carlos Humberto & Jiménez, Diana Marcela, 2017. "Un análisis smithiano del crecimiento económico colombiano: avances metodológicos," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 87, pages 35-66, March.
    5. Diana Marcela Jiménez Restrepo & Carlos Humberto Ortiz Quevedo & José Ignacio Uribe, 2019. "Una reformulación de la ley de Okun para Colombia," Revista de Economía del Caribe 18093, Universidad del Norte.
    6. Ortiz, Carlos Humberto & Jiménez, Diana & Cruz, Gissel, 2019. "El impacto de la infraestructura en el crecimiento económico colombiano: un enfoque smithiano," Revista Lecturas de Economía, Universidad de Antioquia, CIE, issue 90, pages 97-126, January.

    More about this item

    Keywords

    Economic growth; Productive diversification; Purchasing power; Scale economies; Public goods;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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