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A Review of Some Postwar Economic Growth Theories and Empirics

Listed author(s):
  • Accolley, Delali

The evolution of growth theories from the 1956 seminal work of Solow and Swan to Aghion and Howitt’s 1992 Schumpeterian model is traced herein. How growth empirics helped improve some existing theories is also presented. As a matter of fact, the empirical evidence that countries were not converging as the Solow-Swan model predicted led to the development of endogenous growth theories pioneered by Romer (1986) and Lucas (1988). Thereafter, semi-endogenous growth models originated from the observation that growth rate across countries was not proportional to the size of skilled labor as endogenous growth theories predicted. I also present my own empirical assessment of some predictions from growth theories and find supporting evidence of (1) convergence of GDP across Canada and the countries of the West African Economic and Monetary Union and (2) a positive relationship between output and the accumulation of knowledge through R&D across Canada. I also find, in Canada, the evidence of a positive relationship between economic growth and skilled labor, as some model predicted.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 69860.

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Date of creation: 09 Nov 2015
Handle: RePEc:pra:mprapa:69860
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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. Philippe Aghion & Diego Comin & Peter Howitt & Isabel Tecu, 2016. "When Does Domestic Savings Matter for Economic Growth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 64(3), pages 381-407, August.
  3. Romain Wacziarg & Karen Horn Welch, 2008. "Trade Liberalization and Growth: New Evidence," World Bank Economic Review, World Bank Group, vol. 22(2), pages 187-231, June.
  4. Benassy, Jean-Pascal, 1998. "Is there always too little research in endogenous growth with expanding product variety?," European Economic Review, Elsevier, vol. 42(1), pages 61-69, January.
  5. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 70(1), pages 65-94.
  6. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
  7. Robert M. Solow, 2007. "The last 50 years in growth theory and the next 10," Oxford Review of Economic Policy, Oxford University Press, vol. 23(1), pages 3-14, Spring.
  8. Alvarez-Pelaez, Maria J. & Groth, Christian, 2005. "Too little or too much R&D?," European Economic Review, Elsevier, vol. 49(2), pages 437-456, February.
  9. Philippe Aghion & Peter Howitt, 2009. "The Economics of Growth," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262012634, January.
  10. David Cass, 1965. "Optimum Growth in an Aggregative Model of Capital Accumulation," Review of Economic Studies, Oxford University Press, vol. 32(3), pages 233-240.
  11. Accolley, Delali, 2015. "Altruistic Overlapping Generations of Households and the Contribution of Human Capital to Economic Growth," MPRA Paper 69972, University Library of Munich, Germany.
  12. Miguel-Angel Martín & Agustín Herranz, 2004. "Human capital and economic growth in Spanish regions," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 10(4), pages 257-264, November.
  13. Beine, Michel & Docquier, Frederic & Rapoport, Hillel, 2001. "Brain drain and economic growth: theory and evidence," Journal of Development Economics, Elsevier, vol. 64(1), pages 275-289, February.
  14. Theodore W. Schultz, 1960. "Capital Formation by Education," Journal of Political Economy, University of Chicago Press, vol. 68, pages 571-571.
  15. Binh Tran-Nam & Công Truong & Pierre Tu, 1995. "Human capital and economic growth in an overlapping generations model," Journal of Economics, Springer, vol. 61(2), pages 147-173, June.
  16. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-784, August.
  17. repec:kap:iaecre:v:10:y:2004:i:4:p:257-264 is not listed on IDEAS
  18. Hartwick, John M., 1992. "Endogenous growth with public education," Economics Letters, Elsevier, vol. 39(4), pages 493-497, August.
  19. Glomm, Gerhard & Ravikumar, B, 1992. "Public versus Private Investment in Human Capital Endogenous Growth and Income Inequality," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 818-834, August.
  20. repec:ebl:ecbull:v:9:y:2007:i:1:p:1-7 is not listed on IDEAS
  21. Stephane Ciriani, 2007. "Education policy in a general equilibrium model with heterogeneous agents," Economics Bulletin, AccessEcon, vol. 9(1), pages 1-7.
  22. Azariadis, Costas, 1981. "Self-fulfilling prophecies," Journal of Economic Theory, Elsevier, vol. 25(3), pages 380-396, December.
  23. Gomme, Paul & Rupert, Peter, 2007. "Theory, measurement and calibration of macroeconomic models," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 460-497, March.
  24. Aghion, Philippe & Harris, Christopher & Vickers, John, 1997. "Competition and growth with step-by-step innovation: An example," European Economic Review, Elsevier, vol. 41(3-5), pages 771-782, April.
  25. 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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