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Economic Growth and the Return to Capital in Developing Economies

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  • Robertson, Peter E

Abstract

An important stylized fact of economic growth is that the rate of return to capital is relatively constant across countries and over time. This paper provides an explanation using a model of growth for a developing economy that has a dualistic structure. Three conditions are derived, each of which may account for the observed stability of the return to capital. The results address Lucas' criticism of conventional growth models and support recent growth accounting studies of East Asian economies, which emphasize the role of increased factor inputs. Copyright 1999 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 51 (1999)
Issue (Month): 4 (October)
Pages: 577-94

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Handle: RePEc:oup:oxecpp:v:51:y:1999:i:4:p:577-94

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Cited by:
  1. Jonathan Temple, 2006. "Aggregate Production Functions and Growth Economics," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 20(3), pages 301-317.
  2. Temple, Jonathan & Wößmann, Ludger, 2006. "Dualism and cross-country growth regressions," Munich Reprints in Economics, University of Munich, Department of Economics 19619, University of Munich, Department of Economics.
  3. Areendam Chanda & Carl-Johan Dalgaard, 2003. "Dual Economies and International Total Factor Productivity Differences," Macroeconomics, EconWPA 0305002, EconWPA.
  4. Huikang Ying, 2014. "Growth and Structural Change in a Dynamic Lagakos-Waugh Model," Bristol Economics Discussion Papers 14/639, Department of Economics, University of Bristol, UK.
  5. Esteban-Pretel, Julen & Sawada, Yasuyuki, 2014. "On the role of policy interventions in structural change and economic development: The case of postwar Japan," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 40(C), pages 67-83.
  6. Jaime Alonso-Carrera & Xavier Raurich, 2006. "Growth, Sectoral Composition, and the Wealth of Nations," Working Papers, Barcelona Graduate School of Economics 278, Barcelona Graduate School of Economics.
  7. Ayse Imrohoroglu & Krishna B. Kumar, 2003. "Entry Costs, Intermediation, and Capital Flows," Macroeconomics, EconWPA 0304001, EconWPA.
  8. Jonathan Temple, 2010. "Aggregate production functions, growth economics, and the part-time tyranny of the identity: a reply to Felipe and McCombie," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 24(6), pages 685-692.
  9. John Landon-Lane & Peter Robertson, 2005. "A Note on Barriers to Capital Accumulation and Income," Departmental Working Papers, Rutgers University, Department of Economics 200509, Rutgers University, Department of Economics.

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