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Il tasso naturale di crescita e davvero esogeno?

Author

Listed:
  • Miguel Leon-Ledesma

    (University of Kent at Canterbury, Canterbury Author-Name: Anthony Philip Thirlwall
    University of Kent at Canterbury, Canterbury)

Abstract

In mainstream growth theory, including endogenous growth theory, the natural rate of growth, as defined by Harrod, is still treated as exogenous. In practice, however, both the growth of the labour force and the growth of labour productivity are endogenous to demand. This has theoretical implications for the adjustment process between the actual, warranted and natural growth rates. It also has serious implications for the way in which the growth process is viewed: whether from the supply side or demand side. It is shown for a sample of 15 OECD countries 1961-95 that the natural rate of growth has been very responsive to the actual growth rate, and it is argued that for most countries demand constraints operate long before supply capacity is reached.

Suggested Citation

  • Miguel Leon-Ledesma, 2000. "Il tasso naturale di crescita e davvero esogeno?," Moneta e Credito, Economia civile, vol. 53(211), pages 263-277.
    • Handle: RePEc:psl:moneta:2000:31
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9801/9686
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    More about this item

    Keywords

    Growth; Productivity;

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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