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Solow and the States: Capital Accumulation, Productivity and Economic Growth

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  • Douglas Holtz-Eakin
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    Abstract

    National, state, and local policy makers have increasingly focused their attention on policies toward economic growth, especially efforts to raise the rate of investment. Recent studies of economic growth have raised a debate over the role played by the investment rate in the long-run performance of the economy. Evidence from the states suggests that the effects of capital accumulation are consistent with the predictions of the neoclassical growth model. At the same time, the estimates indicate a substantial role for human capital accumulation in raising productivity, in contrast to the neoclassical focus on physical capital investment.

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    File URL: http://www.nber.org/papers/w4144.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4144.

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    Date of creation: Aug 1992
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    Publication status: published as National Tax Journal, Vol. XLVI, No. 4, December 1993, pp. 425-440.
    Handle: RePEc:nbr:nberwo:4144

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    1. Barro, R.J. & Sala-I-Martin, X., 1991. "Convergence Across States and Regions," Papers, Yale - Economic Growth Center 629, Yale - Economic Growth Center.
    2. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(2), pages 407-37, May.
    3. repec:fth:harver:1532 is not listed on IDEAS
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
    5. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages S103-26, October.
    6. Timothy J. Bartik, 2003. "Local Economic Development Policies," Upjohn Working Papers and Journal Articles, W.E. Upjohn Institute for Employment Research 03-91, W.E. Upjohn Institute for Employment Research.
    7. Romer, P.M., 1988. "Capital Accumulation In The Theory Of Long Run Growth," RCER Working Papers 123, University of Rochester - Center for Economic Research (RCER).
    8. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc.
    9. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, Econometric Society, vol. 48(4), pages 817-38, May.
    10. Robert J. Barro & Xavier Sala-i-Martin, 1990. "Economic Growth and Convergence across The United States," NBER Working Papers 3419, National Bureau of Economic Research, Inc.
    11. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
    12. Alicia H. Munnell & Leah M. Cook, 1990. "How does public infrastructure affect regional economic performance?," New England Economic Review, Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, issue Sep, pages 11-33.
    13. Tamura, Robert, 1991. "Income Convergence in an Endogenous Growth Model," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(3), pages 522-40, June.
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    Cited by:
    1. Seitz, Helmut & Licht, Georg, 1993. "The impact of the provision of public infrastructures on regional economic development in Germany," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 93-13, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    2. Stefano Magrini, 1998. "The determinants of regional growth: An empirical analysis," ERSA conference papers ersa98p310, European Regional Science Association.
    3. G. Cameron, 1996. "Innovation and economic growth," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 20685, London School of Economics and Political Science, LSE Library.
    4. Andres, Javier & Domenech, Rafael & Molinas, Cesar, 1996. "Macroeconomic performance and convergence in OECD countries," European Economic Review, Elsevier, Elsevier, vol. 40(9), pages 1683-1704, December.

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