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Economic growth and returns to scale for reproducible factors

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  • Ji Uk Kim

Abstract

A regression equation nesting a variant of Rebelo's (Journal of Political Economy, 99, 500-21, 1991) AK model with Solow's (1956) neoclassical model is developed. The null hypothesis implied by endogenous growth tests that individual countries face constant returns to the accumulation of reproducible capital and per capita incomes of these countries diverge against the alternative hypothesis implied by exogenous growth that individual countries face diminishing returns to the reproducible capital. These empirical results are more consistent with endogenous growth than exogenous growth when the regression model is examined with a large sample of countries including OECD countries.

Suggested Citation

  • Ji Uk Kim, 2003. "Economic growth and returns to scale for reproducible factors," Applied Economics Letters, Taylor & Francis Journals, vol. 10(14), pages 925-928.
    • Handle: RePEc:taf:apeclt:v:10:y:2003:i:14:p:925-928
    DOI: 10.1080/1350485032000159031
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Evans, Paul, 1996. "Using cross-country variances to evaluate growth theories," Journal of Economic Dynamics and Control, Elsevier, vol. 20(6-7), pages 1027-1049.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    4. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June.
    5. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. Ji Kim, 2005. "Convergence hypothesis of regional income in Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 12(7), pages 431-435.

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