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The Australian Growth Experience (1960-2000): R&D-Based, Human Capital-Based, Or Just Steady State Growth?

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Author Info
Yuan K. Chou
Abstract

This paper examines the sources of economic growth in Australia from 1960 to 2000 by adapting and modifying a framework developed in Jones (2002), whereby long-run growth is driven by the global discovery of new ideas, which in turn is tied to world population growth. We find that, contrary to the conventional view as suggested by sustained growth rates and a stable capital-output ratio over the last several decades, Australia is clearly not on its steady-state balanced growth path. Australia has benefited from increases in educational attainment and research intensity: 28 percent of Australian growth between 1960 and 2000 is attributable to the rise in educational attainment, about 40 to 60 percent is attributable to increasing research intensity, while only 20 to 30 percent is due to long-run population growth in the ideaproducing countries.

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File URL: http://www.economics.unimelb.edu.au/SITE/research/workingpapers/wp02/855.pdf
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Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 855.

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Length: 29 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:mlb:wpaper:855

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Related research
Keywords: Economic Growth; Human Capital; Technological Change;

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  1. John Simon & Sharon Wardrop, 2002. "Australian Use of Information Technology and its Contribution to Growth," RBA Research Discussion Papers rdp2002-02, Reserve Bank of Australia. [Downloadable!]
  2. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August. [Downloadable!] (restricted)
  3. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  4. Mark Bils & Peter J. Klenow, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December. [Downloadable!] (restricted)
  5. Charles I. Jones & John C. Williams, 1998. "Measuring The Social Return To R&D," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1119-1135, November. [Downloadable!] (restricted)
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  6. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
    Other versions:
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