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A Contribution to the Empirics of Economic Growth

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  • N. Gregory Mankiw
  • David Romer
  • David N. Weil

Abstract

This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The model explains about 80 percent of the international variation in income per capita, and the estimated influences of physical-capital accumulation, human-capital accumulation, and population growth confirm the model's predictions. The paper also examines the implications of the Solow model for convergence in standards of living -- that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate the augmented Solow model predicts.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3541.

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Date of creation: Dec 1990
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Publication status: published as The Quarterly Journal of Economics, pp. 407-437, (May 1992).
Handle: RePEc:nbr:nberwo:3541

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  1. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, National Bureau of Economic Research, Inc, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc.
  2. Jeffrey D. Sachs, 1979. "Wages, Profits, and Macroeconomic Adjustment: A Comparative Study," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 10(2), pages 269-332.
  3. Robert G. King & Sergio T. Rebelo, 1989. "Transitional Dynamics and Economic Growth in the Neoclassical Model," NBER Working Papers 3185, National Bureau of Economic Research, Inc.
  4. De Long, J Bradford, 1988. "Productivity Growth, Convergence, and Welfare: Comment," American Economic Review, American Economic Association, American Economic Association, vol. 78(5), pages 1138-54, December.
  5. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  6. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 90(358), pages 314-29, June.
  7. George Psacharopoulos, 1985. "Returns to Education: A Further International Update and Implications," Journal of Human Resources, University of Wisconsin Press, vol. 20(4), pages 583-604.
  8. Easterlin, Richard A., 1981. "Why Isn't the Whole World Developed?," The Journal of Economic History, Cambridge University Press, Cambridge University Press, vol. 41(01), pages 1-17, March.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Maximizing the Human Development Index
    by Economic Logician in Economic Logic on 2010-12-10 15:36:00
  2. The tyranny of methodological consensus in development economics
    by Dani Rodrik in Dani Rodrik's weblog on 2008-01-07 15:49:21
  3. Investing in Human Capital - Quantity or Quality?
    by CV in alpha.sources.cv on 2008-07-09 07:08:14
  4. They say academic papers are boring. They obviously haven’t read these.
    by Johan Fourie in Johan Fourie's Blog on 2014-06-04 08:10:07
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