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Analysis of the Total Factor Productivity in South America 1950-2014

Author

Listed:
  • Ángelo Diomar Villalobos Valencia

    (Universidad del Zulia)

  • Leobaldo Enrique Molero Olivo

    (Universidad del Zulia)

  • Alberto Gregorio Castellano

    (Universidad de Sucre)

Abstract

The aim of the research was to analyze the total productivity of the factors in the region of South America applying the expanded Solow-Swan model according to the proposal of Mankiw et al. (1992). In this sense, the production function was used under the approach of the expanded Solow-Swan model, to obtain the elasticities of the product with respect to the productive factors, for their further use in growth accounting. The results obtained suggest that these elasticities are mostly consistent with the assumptions of Mankiw et al. (1992), who argue that the result of including human capital in the Solow model (1956) would be that the participation of physical capital and population growth would have a greater impact on the population product or income. On the other hand, the growth accounting analysis shows that the main source of growth in the region has been the accumulation of productive factors, while productivity has not been a determining factor in terms of growth experience in South America during the studied period.

Suggested Citation

  • Ángelo Diomar Villalobos Valencia & Leobaldo Enrique Molero Olivo & Alberto Gregorio Castellano, 2021. "Analysis of the Total Factor Productivity in South America 1950-2014," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 94, pages 127-163, Enero-Jun.
    • Handle: RePEc:lde:journl:y:2021:i:94:p:127-163
    DOI: 10.17533/udea.le.n94a341253
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    References listed on IDEAS

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    1. Robert C. Feenstra & Robert Inklaar & Marcel P. Timmer, 2015. "The Next Generation of the Penn World Table," American Economic Review, American Economic Association, vol. 105(10), pages 3150-3182, October.
    2. Araujo, Jair Andrade & Feitosa, Débora Gaspar & Silva, Almir Bittencourt da, 2014. "América Latina: productividad total de los factores y su descomposición," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), December.
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