Economic Growth and the Return to Capital in Developing Nations
AbstractAn important stylized fact of economic growth is that the rate of return to capital is relatively constant across countries and time. This paper gives an explanation for this using a model of growth in a developing economy that has dualistic structure. Three conditions are derivedm each of which may be responsible for the observed stability of the return of capital. The results address Lucas' (1990) criticism of conventional growth models and supports Young's (1995) hypothesis of growth in the East Asian economies.
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Bibliographic InfoPaper provided by New South Wales - School of Economics in its series Papers with number 98/12.
Length: 31 pages
Date of creation: 1998
Date of revision:
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Postal: THE UNIVERSITY OF NEW SOUTH WALES, SCHOOL OF ECONOMICS, P.O.B. 1 KENSINGTON, NEW SOUTH WALES 2033 AUSTRALIA.
Fax: +61)-2- 9313- 6337
Web page: http://www.economics.unsw.edu.au/
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CONVERGENCE ; ECONOMIC DEVELOPMENT ; ECONOMIC GROWTH;
Find related papers by JEL classification:
- O0 - Economic Development, Technological Change, and Growth - - General
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
- D9 - Microeconomics - - Intertemporal Choice and Growth
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