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Estimates of the steady state growth rates for the Scandinavian countries: a knowledge economy approach

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  • Casadio, Paolo
  • Paradiso, Antonio
  • Rao, B. Bhaskara

Abstract

This 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31606.

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Date of creation: 30 May 2011
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Handle: RePEc:pra:mprapa:31606

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Keywords: Endogenous growth models; Trade openness; human capital; investment ratio; Steady state growth rate; Scandinavian countr;

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  1. John R. Baldwin & Wulong Gu, 2004. "Trade Liberalization: Export-market Participation, Productivity Growth, and Innovation," Oxford Review of Economic Policy, Oxford University Press, vol. 20(3), pages 372-392, Autumn.
  2. B. Bhaskara Rao, 2010. "Time-series econometrics of growth-models: a guide for applied economists," Applied Economics, Taylor & Francis Journals, vol. 42(1), pages 73-86.
  3. Carl Dahlman & Thomas Anderson, 2000. "Korea and the Knowledge-based Economy : Making the Transition," World Bank Publications, The World Bank, number 13845.
  4. Chen, Derek H. C. & Dahlman, Carl J., 2004. "Knowledge and development : a cross-section approach," Policy Research Working Paper Series 3366, The World Bank.
  5. David Greenaway & Richard Kneller, 2004. "Exporting and Productivity in the United Kingdom," Oxford Review of Economic Policy, Oxford University Press, vol. 20(3), pages 358-371, Autumn.
  6. Richard M. Auty & Rhys Jenkins, 1995. "Does trade liberalization lead to productivity increases? A case study of Bolivian manufacturing," Journal of International Development, John Wiley & Sons, Ltd., vol. 7(4), pages 577-597, 07.
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