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Growth Miracles Reexamined

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Author Info

  • Chris Papageorgiou

    ()
    (Louisiana State University)

  • Fidel Pérez Sebastián

    ()
    (Universidad de Alicante)

Abstract

In 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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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2001-03.pdf
File Function: Fisrt version / Primera version, 2001
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Bibliographic Info

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2001-03.

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Length: 35 pages
Date of creation: Jan 2001
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2001-03

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Related research

Keywords: Transitional Dynamics; R&D; Input Complementarity.;

References

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  1. Parente, Stephen L & Prescott, Edward C, 1994. "Barriers to Technology Adoption and Development," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 298-321, April.
  2. Mulligan, C.B. & Sala-i-Martin, X., 1992. "Transitional Dynamics in Two-Sector Models of Endogenous Growth," Papers 651, Yale - Economic Growth Center.
  3. Jonathan R. W. Temple, 1998. "Robustness tests of the augmented Solow model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 13(4), pages 361-375.
  4. Richard R. Nelson & Edmond S. Phelps, 1965. "Investment in Humans, Technological Diffusion and Economic Growth," Cowles Foundation Discussion Papers 189, Cowles Foundation for Research in Economics, Yale University.
  5. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September.
  6. King, R.G. & Rebelo, S.T., 1989. "Transitional Dynamics And Economic Growth In The Neoclassical Model," RCER Working Papers 206, University of Rochester - Center for Economic Research (RCER).
  7. Michael Funke & Holger Strulik, 2000. "On Endogenous Growth with Physical Capital, Human Capital and Product Variety," Quantitative Macroeconomics Working Papers 20004, Hamburg University, Department of Economics.
  8. Segerstrom, Paul S, 1998. "Endogenous Growth without Scale Effects," American Economic Review, American Economic Association, vol. 88(5), pages 1290-1310, December.
  9. Mino, Kazuo, 1996. "Analysis of a Two-Sector Model of Endogenous Growth with Capital Income Taxation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 227-51, February.
  10. Diego Restuccia, 1998. "Technology Adoption and Schooling: Amplifier Income Effects of Policies Across Countries," UWO Department of Economics Working Papers 9810, University of Western Ontario, Department of Economics.
  11. Dinopoulos, Elias & Thompson, Peter, 1998. " Schumpeterian Growth without Scale Effects," Journal of Economic Growth, Springer, vol. 3(4), pages 313-35, December.
  12. repec:fth:prinin:411 is not listed on IDEAS
  13. Judd, Kenneth L., 1992. "Projection methods for solving aggregate growth models," Journal of Economic Theory, Elsevier, vol. 58(2), pages 410-452, December.
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