Quarterly Journal of Economics
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Опубликовано на портале: 15-07-2004Gregory N. Mankiw, David Romer, David N. Weil Quarterly Journal of Economics. 1992. Vol. 107. No. 2. P. 407-437.
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.
Опубликовано на портале: 18-08-2004Bradford DeLong, Lawrence H. Summers Quarterly Journal of Economics. 1991. Vol. 106. No. 2. P. 445-502.
Using data from the United Nations Comparison Project and the Penn World Table, we find that machinery and equipment investment has a strong association with growth: over 1960-1985 each extra percent of GDP invested in equipment is associated with an increase in GDP growth of one third of a percentage point per year. This is a much stronger association than found between growth and any of the other components of investment. A variety of considerations suggest that this association is causal, that higher equipment investment drives faster growth, and that the social return to equipment investment in well-functioning market economies is on the order of 30 percent per year.
Опубликовано на портале: 17-07-2007Robert E. Hall, Charles I. Jones Quarterly Journal of Economics. 1999. Vol. 114. No. 1. P. 83-116.
Output per worker varies enormously across countries. Why? On an accounting basis our analysis shows that differences in physical capital and educational attainment can only partially explain the variation in output per worker-we find a large amount of variation in the level of the Solow residual across countries. At a deeper level, we document that the differences in capital accumulation, productivity, and therefore output per worker are driven by differences in institutions and government policies, which we call social infrastructure. We treat social infrastructure as endogenous, determined historically by location and other factors captured in part by language