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Accounting for the Cross--country Differences in Income and Physical and Human Capital

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  • Akos Valentinyi
  • Berthold Herrendorf

Abstract

We ask whether the three-sector neoclassical growth model can account for the large cross-country differences in the levels of per-capita income, in the stocks of physical and human capital, and in the relative prices of capital. We use a version in which one sector produces services, a second sector produces manufactured goods including capital goods, and a third sector produces human capital. We allow for cross-country differences in sectoral TFP and in taxes on the sectors' productions. We find that cross-country differences in sectoral TFP can account for the differences in the relative price of capital goods, in the capital-output ratios in international prices, and in the stocks of human capital. In contrast, differences in taxes are of much lesser importance

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2004 Meeting Papers with number 786.

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Date of creation: 2004
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Handle: RePEc:red:sed004:786

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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Web page: http://www.EconomicDynamics.org/society.htm
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Related research

Keywords: Total Factor Productivity; Development Facts; Relative Price of Capital; Human Capital Accumulation;

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