A Contribution to the Empirics of Economic Growth¶
Mankiw, R., Romer, D., & Weil, D. N. (1992). A Contribution to the Empirics of Economic Growth. The Quarterly Journal of Economics.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Economic Growth Model
- In Solow–Swan, \(Y=K^\alpha(AL)^{1-\alpha}\) with \(0<\alpha<1\), so diminishing returns push capital per effective worker toward a steady level; saving changes that level and transition speed, while exogenous (A) supplies the long-run per-capita growth trend
This sourceMankiw, Romer and Weil write the article's exact form, Y = K^α(AL)^(1-α) with 0 < α < 1 and AL as effective units of labour, and derive from it the steady state, the saving rate's level effect, the speed of convergence, and exogenous growth in A as the source of long-run growth in output per worker.
- In Solow–Swan, \(Y=K^\alpha(AL)^{1-\alpha}\) with \(0<\alpha<1\), so diminishing returns push capital per effective worker toward a steady level; saving changes that level and transition speed, while exogenous (A) supplies the long-run per-capita growth trend
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