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The OECD 1951-88 growth experience revisited

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  • Canton, E.J.F.

    (Tilburg University, Faculty of Economics and Business Administration)

Abstract

This paper presents panel data evidence on an investment driven growth process for 16 OECD countries over the 1951-88 period, as it is predicted by new growth theory. Investments are hypothesized to depend on demand factors, human capital, and trade union power. The two-equation regression model appears to replicate the data in a satisfactorily way. In the search for the ultimate factors behind economic growth, this two-step approach seems more appropriate than a purely eclectic one.

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Bibliographic Info

Paper provided by Tilburg University, Faculty of Economics and Business Administration in its series Research Memorandum with number 674.

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Date of creation: 1994
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Handle: RePEc:dgr:kubrem:1994674

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Web page: http://www.tilburguniversity.edu/nl/over-tilburg-university/schools/economics-and-management/

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  1. Robert G. King & Sergio T. Rebelo, 1989. "Transitional Dynamics and Economic Growth in the Neoclassical Model," NBER Working Papers 3185, National Bureau of Economic Research, Inc.
  2. Van de Klundert, T. & Smulders, S., 1991. "Recontructing Growth Theory : A Survey," Papers 9146, Tilburg - Center for Economic Research.
  3. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
  4. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  5. E. Roy Weintraub, 1992. "Introduction," History of Political Economy, Duke University Press, vol. 24(5), pages 3-12, Supplemen.
  6. Bean, Charles R, 1994. "European Unemployment: A Survey," Journal of Economic Literature, American Economic Association, vol. 32(2), pages 573-619, June.
  7. Maddison, A., 1991. "A Long Run Perspective on Saving," Papers 443, Groningen State, Institute of Economic Research-.
  8. Robert M. Solow, 1994. "Perspectives on Growth Theory," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 45-54, Winter.
  9. Klundert, T.C.M.J. van de & Schaik, A.B.T.M. van, 1996. "On the historical continuity of the process of economic growth," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72965, Tilburg University.
  10. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  11. Fare, Rolf & Shawna Grosskopf & Mary Norris & Zhongyang Zhang, 1994. "Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries," American Economic Review, American Economic Association, vol. 84(1), pages 66-83, March.
  12. Stern, Nicholas, 1991. "The Determinants of Growth," Economic Journal, Royal Economic Society, vol. 101(404), pages 122-33, January.
  13. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September.
  14. Howard Pack, 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 55-72, Winter.
  15. Moene, K.O. & Wallerstein, M., 1992. "The Decline of Social Democracy," Memorandum 21/1992, Oslo University, Department of Economics.
  16. Crafts, Nicholas, 1992. "Was the Thatcher Experiment Worth it? British Economic Growth in a European Context," CEPR Discussion Papers 710, C.E.P.R. Discussion Papers.
  17. Baumol, William J, 1986. "Productivity Growth, Convergence, and Welfare: What the Long-run Data Show," American Economic Review, American Economic Association, vol. 76(5), pages 1072-85, December.
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Cited by:
  1. Elzen, A.H. van den, 1995. "An adjustment process for the standard Arrow/Debreu model with production," Research Memorandum 697, Tilburg University, Faculty of Economics and Business Administration.
  2. Herings, P.J.J., 1995. "Rigidity of prices, the generic case?," Research Memorandum 693, Tilburg University, Faculty of Economics and Business Administration.
  3. Herings, P.J.J., 1995. "On the representation of admissible rationing schemes by rationing functions," Research Memorandum 692, Tilburg University, Faculty of Economics and Business Administration.

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