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Modeling Long-Run Economic Growth: Technical Paper 2003-04

  • Robert W. Arnold
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    This paper reviews the recent empirical literature on long-run growth to determine what factors influence growth in total factor productivity (TFP) and whether there are any channels of influence that should be added to standard models of long-run growth. Factors affecting productivity fall into three general categories: physical capital, human capital, and innovation (including other factors that might influence TFP growth). Recent empirical evidence provides little support for the idea that there are extra-normal returns to physical capital accumulation, nor is there solid justification for

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    File URL: https://www.cbo.gov/sites/default/files/108th-congress-2003-2004/workingpaper/2003-4_0.pdf
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    Paper provided by Congressional Budget Office in its series Working Papers with number 14497.

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    Date of creation: 01 Jun 2003
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    Handle: RePEc:cbo:wpaper:14497
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