Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings
Journal of Economic Perspectives
vol. 8,
no. 1, Winter 1994
(pp. 55–72)
(Complimentary)
Abstract
This paper examines whether the recent theoretical insights stemming from endogenous growth theory have provided a better guide to explaining actual growth experience than the neoclassical model. The paper considers the available empirical evidence on a number of related subjects, including the slowing of growth in the OECD countries over the last two decades; the acceleration of growth in several Asian countries since the early 1960s; studies of the determinants of growth in a cross-country context; and sources of the differences in international productivity levels. It concludes that the empirical confirmation, so far, of endogenous growth theory is limited.Citation
Pack, Howard. 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings." Journal of Economic Perspectives, 8 (1): 55–72. DOI: 10.1257/jep.8.1.55JEL Classification
- O40 Economic Growth and Aggregate Productivity: General
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