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Economic Growth and the Swedish Model

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  • Henrekson, Magnus
  • Jonung, Lars
  • Stymne, Joakim

Abstract

We examine the growth performance of Sweden in the post-World War II period, focusing on explaining the relative decline of economic growth in Sweden since the early 1970's. The hypothesis that the relative decline is a consequence of productivity catch-up is rejected. A number of potential `ultimate' causes behind the slowdown are explored. An increasingly inefficient process of capital formation; a shrinking share of the economy being exposed to international competition; long-run negative effects of activist stabilization policies; rapid growth of the public sector; deteriorating incentives for human capital formation; and weak incentives for implementing the results of R&D efforts are all part of the story. The evidence suggests that the incentive structure created by `the Swedish model' made Sweden less successful in adapting to the shocks of the 1970's and 1980's than other OECD countries.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 901.

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Date of creation: Mar 1994
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Handle: RePEc:cpr:ceprdp:901

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Related research

Keywords: Catching Up; Convergence; Economic Growth; Human Capital; Productivity; Welfare State;

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Cited by:
  1. Jonung, Lars, 2009. "Financial Crisis and Crisis Management in Sweden. Lessons for Today," ADBI Working Papers 165, Asian Development Bank Institute.
  2. Hansson, Pontus & Jonung, Lars, 1997. "Finance and Economic Growth. The Case of Sweden 1834-1991," Working Paper Series in Economics and Finance 176, Stockholm School of Economics.

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