The paths of relative steady states of several economies
In this paper, an economy means a national economy; an economy's relative steady state means an economy's steady state of per-capita output relative to the mean of those of a broad set of economies. This paper provides a method used not only to get the path of an economy's relative steady state, but also to assess whether an economy's relative steady state changed between two given periods and whether an economy's relative steady state in a given period differed from another economy's in the same or a different given period. This paper also shows the paths of relative steady states of six economies (China, India, South Korea, Taiwan, Japan and USA) using the estimates of their relative steady states in four successive periods (1960s, 1970s, 1980s and 1990s). A comparison of the paths gives valuable information.
Volume (Year): 7 (2009)
Issue (Month): 3 ()
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