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What determines economic growth?

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  • David M. Gould
  • Roy J. Ruffin
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    Abstract

    Does increased investment in education enhance long-run economic growth, or does it simply reduce current consumption? Will free trade stimulate growth, or will it merely increase imports? ; For a long time, economists relied on an economic growth theory that offered little scope for understanding long-run growth movements. Recently, however, the study of economic growth has been reinvigorated by new developments in theory and empirical findings that suggest how long-run growth evolves. ; Because economic growth determines whether our grandchildren will have better lives than ours or whether poor nations will catch up with or fall further behind rich nations, David Gould and Roy Ruffin investigate recent lessons learned about growth and apply them to the above issues. Gould and Ruffin report on recent research suggesting that investment, particularly human capital investment, increases economic growth. They also investigate evidence showing that political stability, well-defined property rights, low trade barriers, and low government consumption expenditures enhance growth through positive effects on investment.

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    File URL: http://www.dallasfed.org/assets/documents/research/er/1993/er9302b.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

    Volume (Year): (1993)
    Issue (Month): Apr ()
    Pages: 25-40

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    Handle: RePEc:fip:fedder:y:1993:i:apr:p:25-40

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    Related research

    Keywords: Economic development ; Human capital;

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    1. Quah, D., 1990. "Galton'S Fallacy And The Tests Of The Convergence Hypothesis," Working papers 552, Massachusetts Institute of Technology (MIT), Department of Economics.
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    Cited by:
    1. Ghazouani KAMEL, 2005. "Growth, private investment and reforms : A comparative perspective," GE, Growth, Math methods 0507012, EconWPA.

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