The Neoclassical Revival in Growth Economics: Has It Gone Too Far?
1997; University of Chicago Press; Volume: 12; Linguagem: Inglês
10.1086/654324
ISSN1537-2642
AutoresPeter J. Klenow, Andrés Rodríguez‐Clare,
Tópico(s)Economic theories and models
ResumoPrevious articleNext article FreeThe Neoclassical Revival in Growth Economics: Has It Gone Too Far?Peter J. Klenow, and Andrés Rodríguez-ClarePeter J. Klenow, and Andrés Rodríguez-ClareAbstractPDF Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreAbstractIn our view there has been a "Neoclassical Revival" in growth economics spurred by the empirical findings of Mankiw, Romer, and Weil (1992), Barro and Sala-i-Martin (1995), and Young (1994 and 1995). By this we mean a revival of the neoclassical growth model-which features a common level of productivity but different levels of human and physical capital across countries-as a viable candidate for explaining the major part of country differences in levels and growth rates of output per worker. Marshaling existing evidence from the labor literature on the returns to schooling and experience, we construct new measures of human capital across countries. We find that productivity differences are the dominant source of the large international dispersion in levels and growth rates of output per worker. We conclude that, although models that focus on physical and human capital are clearly important, research needs to be re-focused on explaining the causes of productivity differences across countries.DetailsFiguresReferencesCited by NBER Macroeconomics Annual Volume 121997 Sponsored by the National Bureau of Economic Research (NBER) Article DOIhttps://doi.org/10.1086/654324 Views: 526 Citations: 193Citations are reported from Crossref Copyright 1997 The National Bureau of Economic Research and the Massachusetts Institute of Technology Crossref reports the following articles citing this article:Xiuqin Wu, Jinsong Zhao, Dayong Zhang, Wen-Chieh Lee, Chin-Hsien Yu Resource misallocation and the development of hydropower industry, Applied Energy 306 (Jan 2022): 118024.https://doi.org/10.1016/j.apenergy.2021.118024Federico Rossi The Relative Efficiency of Skilled Labor across Countries: Measurement and Interpretation, American Economic Review 112, no.11 (Jan 2022): 235–266.https://doi.org/10.1257/aer.20191852Sisay Demissew Beyene, Balázs Kotosz The impact of external debt on total factor productivity and growth in HIPCs: non-linear regression approaches, International Journal of Development Issues ahead-of-print, no.ahead-of-printahead-of-print (Dec 2021).https://doi.org/10.1108/IJDI-07-2021-0145Zhongfeng Su, Chenfeng Wang, Mike W. 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