Growth Miracles Reexamined
AbstractIn this paper we propose a growth model in which the combined effect of human capital and technology adoption is the key factor in replicating and explaining growth miracles. Using standard technologies and parameterization, we show that the calibrated model generates output growth paths consistent with the ones displayed by miracle economies, such as Japan and South Korea. The driving force of our result is twofold: (a) the complementarity between human capital and technological adoption; (b) the reallocation of labor across sectors along the adjustment path.
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Bibliographic InfoPaper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2001-03.
Length: 35 pages
Date of creation: Jan 2001
Date of revision:
Publication status: Published by Ivie
Transitional Dynamics; R&D; Input Complementarity.;
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