Estimates of the steady state growth rates for the Scandinavian countries: a knowledge economy approach
This paper estimates the steady state growth rate for Scandinavian countries with a “knowledge economy” approach. We shall use an extended version of the Solow (1956) growth model, in which total factor productivity is assumed to be a function of human capital (measured by average years of education), trade openness and investment ratio. Using this framework we show that these factors, and in particular the education variable, have played an important role to determine the long run growth rates of the Scandinavian countries. Some policy measures are identified to improve the long-run growth rates for these countries.
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| Date of creation: | 30 May 2011 |
| Handle: | RePEc:pra:mprapa:31606 |
| Contact details of provider: | Postal: Ludwigstraße 33, D-80539 Munich, Germany Phone: +49-(0)89-2180-2459 Fax: +49-(0)89-2180-992459 Web page: https://mpra.ub.uni-muenchen.de More information through EDIRC
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- John R. Baldwin & Wulong Gu, 2004.
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- Rao, B. Bhaskara, 2006. "Time Series Econometrics of Growth Models: A Guide for Applied Economists," MPRA Paper 1547, University Library of Munich, Germany.
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- Chen, Derek H. C. & Dahlman, Carl J., 2004. "Knowledge and development : a cross-section approach," Policy Research Working Paper Series 3366, The World Bank.
- Carl Dahlman & Thomas Anderson, 2000. "Korea and the Knowledge-based Economy : Making the Transition," World Bank Publications, The World Bank, number 13845, August.
- David Greenaway & Richard Kneller, 2004. "Exporting and Productivity in the United Kingdom," Oxford Review of Economic Policy, Oxford University Press, vol. 20(3), pages 358-371, Autumn. Full references (including those not matched with items on IDEAS)
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