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It's Not Factor Accumulation : Stylized Facts and Growth Models
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We document five stylized facts of economic growth. (1) The "residual" rather than factor accumulation accounts for most of the income and growth differences across nations. (2) Income diverges over the long run. (3) Factor accumulation is persistent while growth is not persistent and the growth path of countries exhibits remarkable variation across countries. (4) Economic activity is highly concentrated, with all factors of production flowing to the richest areas. (5) National policies closely associated with long-run economic growth rates. We argue that these facts do not support models with diminishing returns, constant returns to scale, some fixed factor of production, and that highlight the role of factor accumulation. Empirical work, however, does not yet decisively distinguish among the different theoretical conceptions of "total factor productivity growth." Economists should devote more effort towards modeling and quantifying total factor productivity.
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Where did all the growth go? external shocks, social conflict, and growth collapses
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The Effect of Financial Development on Convergence: Theory and Evidence*
Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005) · Quarterly Journal of Economics · doi:10.1162/qjec.2005.120.1.173 · Cited by 962
The Lost Decades: Developing Countries' Stagnation in Spite of Policy Reform 1980–1998
Easterly, W. (2001) · Journal of Economic Growth · doi:10.1023/a:1011378507540 · Cited by 561
Self-citationFDI as an outcome of the market for corporate control: Theory and evidence
Head, K., & Ries, J. (2008) · Journal of International Economics · doi:10.1016/j.jinteco.2007.04.004 · Cited by 482
The Effect of Financial Development on Convergence: Theory and Evidence
Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2004) · National Bureau of Economic Research · doi:10.3386/w10358 · Cited by 428
Accounting for Cross-Country Income Differences
Caselli, F. (2004) · National Bureau of Economic Research · doi:10.3386/w10828 · Cited by 416
Metadata
- Authors
- Easterly, W., & Levine, R.
- Venue
- World Bank, Washington, DC eBooks
- Publisher
- Washington, DC: World Bank
- Published
- 2001-05
- Volume
- 6
- Pages
- 061-114
- OpenAlex
- W3123961097
- Cited by
- 443
- References
- 8
- FWCI
- 47.86
- Type
- book
- Language
- en
- Open access
- green
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