Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf
World Bank economists are mostly practical people, people who try to answer the question, 'what exactly should this particular country do right now?' But if they had hoped that the growth regression lessons summarized in William Brock and...
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Washington, DC: World Bank
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/05/17737235/comment-growth-empirics-reality-william-brock-steven-n-durlauf http://hdl.handle.net/10986/17446 |
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okr-10986-174462021-04-23T14:03:29Z Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf Pritchett, Lant ADVANCED COUNTRIES ECONOMIC REVIEW EMPIRICAL ESTIMATION EMPIRICAL GROWTH LITERATURE EMPIRICAL RESEARCH EMPIRICAL WORK ESSAYS GROWTH EMPIRICS GROWTH REGRESSION GROWTH REGRESSIONS POLICY CHANGE POLICY CHANGES POLICY DECISIONS POLICY DISCUSSIONS POLICY REFORM POLICY VARIABLES TFP TOTAL FACTOR PRODUCTIVITY TRADE POLICY World Bank economists are mostly practical people, people who try to answer the question, 'what exactly should this particular country do right now?' But if they had hoped that the growth regression lessons summarized in William Brock and Steven Durlauf's article would enhance their practical advice giving, they might feel some dissatisfaction. How would they change their advice to, say, Brazil? But that is why this article is important conceptually. It goes to the heart of the matter by proposing a change in the empirical growth literature's fundamental methodology, from model testing to decision theoretic. The article's valiant but flawed attempt reveals the difficulties in making this shift, however. The reader likes to make three points: there is a tension between the interests of academics and practitioners in growth regressions; output response heterogeneity is a huge practical problem; and policy decisions can be guided only in broad outlines by growth regressions. 2014-03-27T21:29:43Z 2014-03-27T21:29:43Z 2001-05 Journal Article http://documents.worldbank.org/curated/en/2001/05/17737235/comment-growth-empirics-reality-william-brock-steven-n-durlauf World Bank Economic Review http://hdl.handle.net/10986/17446 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Washington, DC: World Bank Publications & Research :: Journal Article |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ADVANCED COUNTRIES ECONOMIC REVIEW EMPIRICAL ESTIMATION EMPIRICAL GROWTH LITERATURE EMPIRICAL RESEARCH EMPIRICAL WORK ESSAYS GROWTH EMPIRICS GROWTH REGRESSION GROWTH REGRESSIONS POLICY CHANGE POLICY CHANGES POLICY DECISIONS POLICY DISCUSSIONS POLICY REFORM POLICY VARIABLES TFP TOTAL FACTOR PRODUCTIVITY TRADE POLICY |
| spellingShingle |
ADVANCED COUNTRIES ECONOMIC REVIEW EMPIRICAL ESTIMATION EMPIRICAL GROWTH LITERATURE EMPIRICAL RESEARCH EMPIRICAL WORK ESSAYS GROWTH EMPIRICS GROWTH REGRESSION GROWTH REGRESSIONS POLICY CHANGE POLICY CHANGES POLICY DECISIONS POLICY DISCUSSIONS POLICY REFORM POLICY VARIABLES TFP TOTAL FACTOR PRODUCTIVITY TRADE POLICY Pritchett, Lant Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf |
| description |
World Bank economists are mostly
practical people, people who try to answer the question,
'what exactly should this particular country do right
now?' But if they had hoped that the growth regression
lessons summarized in William Brock and Steven
Durlauf's article would enhance their practical advice
giving, they might feel some dissatisfaction. How would they
change their advice to, say, Brazil? But that is why this
article is important conceptually. It goes to the heart of
the matter by proposing a change in the empirical growth
literature's fundamental methodology, from model
testing to decision theoretic. The article's valiant
but flawed attempt reveals the difficulties in making this
shift, however. The reader likes to make three points: there
is a tension between the interests of academics and
practitioners in growth regressions; output response
heterogeneity is a huge practical problem; and policy
decisions can be guided only in broad outlines by growth regressions. |
| format |
Journal Article |
| author |
Pritchett, Lant |
| author_facet |
Pritchett, Lant |
| author_sort |
Pritchett, Lant |
| title |
Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf |
| title_short |
Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf |
| title_full |
Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf |
| title_fullStr |
Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf |
| title_full_unstemmed |
Comment on 'Growth Empirics and Reality,' by William A. Brock and Steven N. Durlauf |
| title_sort |
comment on 'growth empirics and reality,' by william a. brock and steven n. durlauf |
| publisher |
Washington, DC: World Bank |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/05/17737235/comment-growth-empirics-reality-william-brock-steven-n-durlauf http://hdl.handle.net/10986/17446 |
| _version_ |
1764433171199295488 |