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  5. Some Macroeconomics for the 21st Century

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Some Macroeconomics for the 21st Century

  • Robert E. Lucas
Journal of Economic Perspectives
vol. 14, no. 1, Winter 2000
(pp. 159–168)
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Abstract

This note describes a numerical simulation of a model of economic growth, a simplified version of Robert Tamura's (1996) model of world income dynamics, based on technology diffusion. The model makes predictions for trends in average world income growth and about the evolution of the relative income distribution that accord well with observation. The model is used to forecast the course of world income growth and income inequality over the century to come.

Citation

Lucas, Robert, E. 2000. "Some Macroeconomics for the 21st Century." Journal of Economic Perspectives, 14 (1): 159–168. DOI: 10.1257/jep.14.1.159

JEL Classification

  • E00 Macroeconomics and Monetary Economics: General
  • A11 Role of Economics; Role of Economists
  • O40 Economic Growth and Aggregate Productivity: General
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