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Solow and the States: Capital Accumulation, Productivity and Economic Growth

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  • Douglas Holtz-Eakin

Abstract

National, state, and local policy makers have increasingly focused their attention on policies toward economic growth, especially efforts to raise the rate of investment. Recent studies of economic growth have raised a debate over the role played by the investment rate in the long-run performance of the economy. Evidence from the states suggests that the effects of capital accumulation are consistent with the predictions of the neoclassical growth model. At the same time, the estimates indicate a substantial role for human capital accumulation in raising productivity, in contrast to the neoclassical focus on physical capital investment.

Suggested Citation

  • Douglas Holtz-Eakin, 1992. "Solow and the States: Capital Accumulation, Productivity and Economic Growth," NBER Working Papers 4144, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:4144
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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. repec:fth:harver:1532 is not listed on IDEAS
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    14. 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. Jati Sengupta & Kumiko Okamura, 1996. "Convergence to steady state growth: a model for Japan (1965-90)," Applied Economics Letters, Taylor & Francis Journals, vol. 3(4), pages 259-265.
    2. Stefano Magrini, 1998. "The determinants of regional growth: An empirical analysis," ERSA conference papers ersa98p310, European Regional Science Association.
    3. Cameron, G., 1996. "Innovation and economic growth," LSE Research Online Documents on Economics 20685, London School of Economics and Political Science, LSE Library.
    4. Andres, Javier & Domenech, Rafael & Molinas, Cesar, 1996. "Macroeconomic performance and convergence in OECD countries," European Economic Review, Elsevier, vol. 40(9), pages 1683-1704, December.
    5. Seitz, Helmut & Licht, Georg, 1993. "The impact of the provision of public infrastructures on regional economic development in Germany," ZEW Discussion Papers 93-13, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    6. Jonny Castro Tapias, 2014. "Crecimiento económico y capital humano: Un análisis de cointegración para Colombia en el periodo 1960 – 2012," DOCUMENTOS DE TRABAJO UCATOLICA 012418, UNIVERSIDAD CATOLICA DE COLOMBIA.

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