| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP780
|
| DP780 Two Notes on Economic Growth and the Solow Model |
| Daniel Cohen
|
| 发表日期 | 1993-07-31
|
| 出版年 | 1993
|
| 语种 | 英语
|
| 摘要 | The two notes deal (from different angles) with the extension of the Solow model that has been offered by Mankiw, Romer and Weil (MRW). In this `extended Solow' model, physical capital enters the production function with the same weight as human capital and both weights are about 1/3. The first note challenges the assumption that the law of motion of human capital is collinear with the law of motion of physical capital, a key assumption which allows MRW to keep a one-dimensional trade of economic growth. The note shows instead that growth appears to be the sum of two terms: the traditional Solow term (proportional to the distance between the initial and `terminal' value of per-capita income); and the `productivity wedge', which is shown to be involved and to depend on the human-to-physical capital ratio. The second note verifies that physical capital enters into the production function with a weight of (only) 1/3 but challenges the view that school enrolment is a `causal' determinant of economic growth. In order to do that, the note estimates a growth equation in which an idiosyncratic term is controlled for each country. |
| 主题 | International Macroeconomics
|
| 关键词 | Growth
Human capital
Physical capital
Solow model
|
| URL | https://cepr.org/publications/dp780
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529952
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推荐引用方式
GB/T 7714 |
Daniel Cohen. DP780 Two Notes on Economic Growth and the Solow Model. 1993.
|
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