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Economic Growth and the Swedish Model

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Author Info

  • Henrekson, Magnus
  • Jonung, Lars

    ()
    (Dept. of Economics, Stockholm School of Economics)

  • 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 1970s. 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 stabilisation 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 1970s and 1980s than other OECD countries.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 19.

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Length: 76 pages
Date of creation: May 1994
Date of revision:
Publication status: Published in Economic Growth in Europe Since 1945, Crafts, N., Toniolo, G. (eds.), 1996, chapter s, Cambridge University Press.
Handle: RePEc:hhs:hastef:0019

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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Web page: http://www.hhs.se/
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Keywords: Catching up; convergence; economic growth; human capital; productivity; welfare state;

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Cited by:
  1. Lars Jonung, 2010. "Financial Crisis and Crisis Management in Sweden. Lessons for Today," Working Papers id:3067, eSocialSciences.
  2. Hansson, Pontus & Jonung, Lars, 1997. "Finance and economic growth: the case of Sweden 1834-1991," Research in Economics, Elsevier, vol. 51(3), pages 275-301, September.

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