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A Contribution to the Empirics of Economic Growth

A Contribution to the Empirics of Economic Growth Abstract This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate the augmented Solow model predicts. * We are grateful to Karen Dynan for research assistance, to Laurence Ball, Olivier Blanchard, Anne Case, Lawrence Katz, Robert King, Paul Romer, Xavier Sala-i-Martin, Amy Salsbury, Robert Solow, Lawrence Summers, Peter Temin, and the referees for helpful comments, and to the National Science Foundation for financial support. This content is only available as a PDF. © 1992 by the President and Fellows of Harvard College http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Quarterly Journal of Economics Oxford University Press

A Contribution to the Empirics of Economic Growth

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Publisher
Oxford University Press
Copyright
© 1992 by the President and Fellows of Harvard College
ISSN
0033-5533
eISSN
1531-4650
DOI
10.2307/2118477
Publisher site
See Article on Publisher Site

Abstract

Abstract This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate the augmented Solow model predicts. * We are grateful to Karen Dynan for research assistance, to Laurence Ball, Olivier Blanchard, Anne Case, Lawrence Katz, Robert King, Paul Romer, Xavier Sala-i-Martin, Amy Salsbury, Robert Solow, Lawrence Summers, Peter Temin, and the referees for helpful comments, and to the National Science Foundation for financial support. This content is only available as a PDF. © 1992 by the President and Fellows of Harvard College

Journal

The Quarterly Journal of EconomicsOxford University Press

Published: May 1, 1992

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