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The Evolution Of Real Gdp Per Capita In Developed Countries

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Author Info

  • Ivan O. KITOV

Abstract

The growth rate of real GDP per capita is represented as a sum of two components � a monotonically decreasing economic trend and fluctuations related to the change in some specific age population. The economic trend is modeled by an inverse function of real GDP per capita with a constant numerator. Statistical analysis data from 19 selected OECD countries for the period between 1950 and 2007 shows a very weak linear trend in the annual increment of GDP per capita for the largest economies: the USA, Japan, France, and Italy. The UK, Australia, and Canada show a larger positive linear trend in annual increments. The fluctuations around relevant mean increments are characterized by practically normal distribution (with Levy tails). Developing countries demonstrate annual GDP per capita increments far below those for the studied developed economies. This indicates an underperformance in spite of large relative growth rates.

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Bibliographic Info

Article provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.

Volume (Year): 4 (2009)
Issue (Month): 2(8)_ Summer 2009 ()
Pages:

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Handle: RePEc:ush:jaessh:v:4:y:2009:i:2(8)_summer2009:61

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Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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Related research

Keywords: economic development; economic trend; business cycle; GDP per capita;

References

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  1. Durlauf, Steven N. & Johnson, Paul A. & Temple, Jonathan R.W., 2005. "Growth Econometrics," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 8, pages 555-677 Elsevier.
  2. Oded Galor, 2004. "From Stagnation to Growth: Unified Growth Theory," GE, Growth, Math methods 0409003, EconWPA.
  3. Ivan O. Kitov, 2008. "Modeling the evolution of age-dependent Gini coefficient for personal incomes in the U.S. between 1967 and 2005," Working Papers 95, ECINEQ, Society for the Study of Economic Inequality.
  4. Kitov, Ivan, 2005. "Modelling the transition from a socialist to capitalist economic system," MPRA Paper 2740, University Library of Munich, Germany.
  5. Ivan O. Kitov, 2008. "GDP growth rate and population," Papers 0811.2125, arXiv.org.
  6. repec:ebl:ecbull:v:28:y:2005:i:11:p:a0 is not listed on IDEAS
  7. Jones, Larry E. & Manuelli, Rodolfo E., 2005. "Neoclassical Models of Endogenous Growth: The Effects of Fiscal Policy, Innovation and Fluctuations," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 1, pages 13-65 Elsevier.
  8. Charles I. Jones, 2004. "Growth and Ideas," NBER Working Papers 10767, National Bureau of Economic Research, Inc.
  9. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
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Citations

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Cited by:
  1. Ivan Kitov & Oleg Kitov, 2011. "Employment, unemployment and real economic growth," Papers 1109.4399, arXiv.org.
  2. Kitov, Ivan & Kitov, Oleg, 2010. "S&P 500 returns revisited," MPRA Paper 21733, University Library of Munich, Germany.

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