Estimates of the steady state growth rates for the Scandinavian countries: a knowledge economy approach
AbstractThis paper estimates the steady state growth rate for Scandinavian countries with a “knowledge economy” approach. We shall use an extended version of the Solow (1956) growth model, in which total factor productivity is assumed to be a function of human capital (measured by average years of education), trade openness and investment ratio. Using this framework we show that these factors, and in particular the education variable, have played an important role to determine the long run growth rates of the Scandinavian countries. Some policy measures are identified to improve the long-run growth rates for these countries.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31606.
Date of creation: 30 May 2011
Date of revision:
Endogenous growth models; Trade openness; human capital; investment ratio; Steady state growth rate; Scandinavian countr;
Find related papers by JEL classification:
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-25 (All new papers)
- NEP-DGE-2011-06-25 (Dynamic General Equilibrium)
- NEP-EEC-2011-06-25 (European Economics)
- NEP-FDG-2011-06-25 (Financial Development & Growth)
- NEP-KNM-2011-06-25 (Knowledge Management & Knowledge Economy)
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