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The New Growth Evidence.
- Source :
- Journal of Economic Literature; Mar99, Vol. 37 Issue 1, p112, 45p, 1 Graph
- Publication Year :
- 1999
-
Abstract
- According to the definition used by the World Bank's 1996 World Development Report, over 4.5 billion of the world's 5.6 billion people live in developing countries, and so a better understanding of what generates economic growth could make a huge contribution to human welfare. Thus, the article tends to study various aspects of growth at aggregate level. The article explains the original 1950s-style neoclassical models. It examines why this crucial area of economic investigation is regarded with such widespread distrust. The focus of the paper is predominantly the cross-country empirical work carried out by macroeconomists. This work has three distinguishing features. First, researchers have often tried to integrate developing and developed countries in a single empirical framework; as we shall see, this endeavor is not without its problems. Second, the research makes intensive use of the cross-section variation in growth rates and other variables. Finally, the research questions are often inspired at least in part by recent growth theory. There is a renewed emphasis on human capital, and to a lesser extent, research and development, as important variables in explaining differing growth experiences.
Details
- Language :
- English
- ISSN :
- 00220515
- Volume :
- 37
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- Journal of Economic Literature
- Publication Type :
- Academic Journal
- Accession number :
- 1707869
- Full Text :
- https://doi.org/10.1257/jel.37.1.112