Neoclassical Economic Growth Theory: An Empirical Approach
This paper contributes to the empirical literature by providing a simple theoretical and empirical literature framework. For this purpose we address the neoclassical model of capital accumulation reproduces many of the stylised facts about economic growth and is consistent with many features of actual growth in economies. We also observed that in most industrialised economies, output per capita grows over time, capital per worker grows over time, and productivity grows over time. Robert Solow used the neoclassical growth model as the basis for decomposing the growth in output per capita into portions accounted for by increased inputs and the portion attributable to increases in productivity. This model economy gives us only a glimpse of what it is possible to learn and accomplish by taking the basic neoclassical growth model seriously as a description of how actual economies behave. Solows findings prompted much additional research in productivity measurement and considerable development of mathematical growth models with different ways of incorporating technical change
Volume (Year): 11 No 3 Paper 2 June (2013)
Issue (Month): 2 (June)
|Contact details of provider:|| Web page: http://www.fareastjournals.com/journal_detail.aspx?jid=18|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
- Gary D. Hansen & Edward C. Prescott, 2002.
"Malthus to Solow,"
American Economic Review,
American Economic Association, vol. 92(4), pages 1205-1217, September.
- Barro, R.J., 1989.
"Economic Growth In A Cross Section Of Countries,"
RCER Working Papers
201, University of Rochester - Center for Economic Research (RCER).
- N. Gregory Mankiw & David Romer & David N. Weil, 1992.
"A Contribution to the Empirics of Economic Growth,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 107(2), pages 407-437.
- Abdelhak Senhadji, 2000. "Sources of Economic Growth: An Extensive Growth Accounting Exercise," IMF Staff Papers, Palgrave Macmillan, vol. 47(1), pages 6.
- Lau, Lawrence J. & Jamison, Dean T. & Louat, Frederic F., 1991. "Education and productivity in developing countries : an aggregate production function approach," Policy Research Working Paper Series 612, The World Bank.
- Avinash Dixit & James Mirrlees & Nicholas Stern, 1975. "Optimum Saving with Economies of Scale," Review of Economic Studies, Oxford University Press, vol. 42(3), pages 303-325.
- Kalaitzidakis, Pantelis & Mamuneas, Theofanis P. & Savvides, Andreas & Stengos, Thanasis, 2001.
"Measures of Human Capital and Nonlinearities in Economic Growth,"
Journal of Economic Growth,
Springer, vol. 6(3), pages 229-54, September.
- Kalaitzidakis, P. & Mamuneas, T.P. & Savvides, A. & Stengos, T., 2000. "Measures of Human Capital and Nonlinearities in Economic Growth," Working Papers 2000-5, University of Guelph, Department of Economics and Finance.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Skiba, A K, 1978. "Optimal Growth with a Convex-Concave Production Function," Econometrica, Econometric Society, vol. 46(3), pages 527-39, May.
- Maddison, Angus, 1987. "Growth and Slowdown in Advanced Capitalist Economies: Techniques of Quantitative Assessment," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 649-98, June.
- Felipe, J., 1997.
"Total Factor Productivity Growth in East Asia: A Critical Survey,"
65, Asian Development Bank.
- Jesus Felipe, 1999. "Total factor productivity growth in East Asia: A critical survey," Journal of Development Studies, Taylor & Francis Journals, vol. 35(4), pages 1-41.
- Sebastian Edwards, 1997.
"Openness, Productivity and Growth: What Do We Really Know?,"
NBER Working Papers
5978, National Bureau of Economic Research, Inc.
- Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-98, March.
- Paul M Romer, 1999.
"Increasing Returns and Long-Run Growth,"
Levine's Working Paper Archive
2232, David K. Levine.
- Peter J. Klenow & Mark Bils, 2000. "Does Schooling Cause Growth?," American Economic Review, American Economic Association, vol. 90(5), pages 1160-1183, December.
- Hagen, Everett & Hawrylyshyn, Oli, 1969. "Analysis of World Income and Growth, 1955-1965," Economic Development and Cultural Change, University of Chicago Press, vol. 18(1), pages 1-96, Part II O.
- James Gwartney & Robert Lawson, 2003. "What have we learned from the measurement of economic freedom?," Proceedings, Federal Reserve Bank of Dallas, issue Oct, pages 217-238.
- Stiglitz, Joseph E, 1987. "The Causes and Consequences of the Dependence of Quality on Price," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 1-48, March.
- Sherman Robinson, 1971. "Sources of Growth in Less Developed Countries: A Cross-Section Study," The Quarterly Journal of Economics, Oxford University Press, vol. 85(3), pages 391-408.
- Scott L. Baier & Gerald P. Dwyer & Robert Tamura, 2003.
"Does opening a stock exchange increase economic growth?,"
FRB Atlanta Working Paper
2003-36, Federal Reserve Bank of Atlanta.
- Baier, Scott L. & Dwyer, Gerald Jr. & Tamura, Robert, 2004. "Does opening a stock exchange increase economic growth?," Journal of International Money and Finance, Elsevier, vol. 23(3), pages 311-331, April.
- Paul Krugman, 1994. "Fluctuations, Instability, and Agglomeration," NBER Working Papers 4616, National Bureau of Economic Research, Inc.
When requesting a correction, please mention this item's handle: RePEc:fej:articl:v:11c:y:2013:i:2:p:10-33. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Chau)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.