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Sources of U.S. Economic Growth in a World of Ideas

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Author Info

  • Jones, C.I.

Abstract

At least since 1950, the U.S.economy has benefited from increases in both educational attainment and research intensity. Such changes suggest, contrary to the conventional view, that the U.S.economy is far from its steady-state balanced growth path. This paper develops a model in which these facts are reconciled with the stability of av- erage U.S. growth rates over the last century. In the model, long-run growth is driven by the worldwide discovery of new ideas, which in turn is tied to world population growth. Nevertheless, a constant growth path can temporarily be maintained at a rate greater than the long- run rate provided research intensity and educational attainment rise steadily over time. Growth accounting with this model reveals that 30 percent of U.S. growth between 1950 and 1993 is attributable to the rise in educational attainment, 50 percent is attributable to the rise in worldwide research intensity, and only about 10 to 15percent is due to the long-run component of growth related to the increase in world population.

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Bibliographic Info

Paper provided by United Nations World Employment Programme- in its series Papers with number 99-29.

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Length: 39 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:fth:unwoem:99-29

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Postal: International Center for Economic Growth, 243 Kearny Street, San Francisco, California 94108.

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Keywords: ECONOMIC POLICY ; ECONOMIC GROWTH;

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References

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  13. Eaton, Jonathan & Kortum, Samuel, 1999. "International Technology Diffusion: Theory and Measurement," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(3), pages 537-70, August.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Underemployment Equilibria (Miscellanea)
    by Gabriel Mihalache in eclectecon on 2008-12-07 06:44:13
  2. L’avenir de la croissance américaine
    by ? in D'un champ l'autre on 2014-01-25 13:03:00
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