Neoclassical convergence versus technological catch-up: A contribution for reaching a consensus
New macro empirical evidence is provided to assess the relative importance of object and idea gaps in explaining the world income distribution dynamics. Formal statistical hypothesis tests allow us to discriminate between two competing growthmodels: (i) the standard neoclassical growth model similar to that employed by Mankiw, Romer, and Weil (1992), (ii) an extension of the Nelson and Phelps' approach (1966) that emphasizes the importance of technology transfer in addition to factors accumulation. First, the latter model better characterizes international data at an aggregate level. It cannot be rejected as a null hypothesis and is significantly preferred to a standard neoclassical model. Second, robust to sample selection evidence suggests that the high social returns to investment in equipment (as opposed to structure) reflect technology transfer mediated through capital goods. Finally, technological catch-up mostly benefits socially advanced economies and largely contributes to the polarization of the world income distribution.
|Date of creation:||2000|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.wiwi.hu-berlin.de/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gordon Fisher & Michael McAleer, 1981.
"Alternative Procedures and Associated Tests of Significance for Non-Nested Hypotheses,"
420, Queen's University, Department of Economics.
- Fisher, Gordon R. & McAleer, Michael, 1981. "Alternative procedures and associated tests of significance for non-nested hypotheses," Journal of Econometrics, Elsevier, vol. 16(1), pages 103-119, May.
- Fagerberg, Jan, 1994. "Technology and International Differences in Growth Rates," Journal of Economic Literature, American Economic Association, vol. 32(3), pages 1147-75, September.
- Nehru, Vikram & Swanson, Eric & Dubey, Ashutosh, 1995. "A new database on human capital stock in developing and industrial countries: Sources, methodology, and results," Journal of Development Economics, Elsevier, vol. 46(2), pages 379-401, April.
When requesting a correction, please mention this item's handle: RePEc:zbw:sfb373:200042. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.