Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine
When economists in the 1950s and 1960s used growth models to understand the experience of developing countries, they allowed for the possibility of technology differences between developing countries and the United States. But because they did not...
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2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/05/17737434/comment-not-factor-accumulation-stylized-facts-growth-models-william-easterly-ross-levine http://hdl.handle.net/10986/17448 |
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okr-10986-174482021-04-23T14:03:29Z Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine Romer, Paul BENCHMARK COUNTRY REGRESSIONS CROSS-COUNTRY DATA CROSS-COUNTRY REGRESSION DATA SET DEVELOPING COUNTRIES DIMINISHING RETURNS ECONOMIC DEVELOPMENT ECONOMIC OUTCOMES ECONOMIC REVIEW ECONOMIC THEORY EMPIRICAL RESEARCH EMPIRICAL WORK GROWTH MODELS GROWTH THEORY HUMAN CAPITAL INCOME MODELING NEOCLASSICAL MODEL OUTPUT PER CAPITA POLICY DISCUSSIONS SKILLED WORKERS When economists in the 1950s and 1960s used growth models to understand the experience of developing countries, they allowed for the possibility of technology differences between developing countries and the United States. But because they did not have a good theory for talking about the forces that determined the level of the technology-in the United States any more than in developing countries-technology factors tended to be pushed into the background in policy discussions. The new growth theory of the 1980s generated a counter reaction in the 1990s that Pete Klenow and Andres Rodriguez-Clare have called the 'neoclassical revival.' The article by William Easterly and Ross Levine is part of the next swing in the scholarly pendulum. It moves away from the critical assumption in the neoclassical revival that the level of technology is the same in all countries. 2014-03-27T21:36:50Z 2014-03-27T21:36:50Z 2001-05 Journal Article http://documents.worldbank.org/curated/en/2001/05/17737434/comment-not-factor-accumulation-stylized-facts-growth-models-william-easterly-ross-levine World Bank Economic Review http://hdl.handle.net/10986/17448 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 |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
BENCHMARK COUNTRY REGRESSIONS CROSS-COUNTRY DATA CROSS-COUNTRY REGRESSION DATA SET DEVELOPING COUNTRIES DIMINISHING RETURNS ECONOMIC DEVELOPMENT ECONOMIC OUTCOMES ECONOMIC REVIEW ECONOMIC THEORY EMPIRICAL RESEARCH EMPIRICAL WORK GROWTH MODELS GROWTH THEORY HUMAN CAPITAL INCOME MODELING NEOCLASSICAL MODEL OUTPUT PER CAPITA POLICY DISCUSSIONS SKILLED WORKERS |
| spellingShingle |
BENCHMARK COUNTRY REGRESSIONS CROSS-COUNTRY DATA CROSS-COUNTRY REGRESSION DATA SET DEVELOPING COUNTRIES DIMINISHING RETURNS ECONOMIC DEVELOPMENT ECONOMIC OUTCOMES ECONOMIC REVIEW ECONOMIC THEORY EMPIRICAL RESEARCH EMPIRICAL WORK GROWTH MODELS GROWTH THEORY HUMAN CAPITAL INCOME MODELING NEOCLASSICAL MODEL OUTPUT PER CAPITA POLICY DISCUSSIONS SKILLED WORKERS Romer, Paul Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine |
| description |
When economists in the 1950s and 1960s
used growth models to understand the experience of
developing countries, they allowed for the possibility of
technology differences between developing countries and the
United States. But because they did not have a good theory
for talking about the forces that determined the level of
the technology-in the United States any more than in
developing countries-technology factors tended to be pushed
into the background in policy discussions. The new growth
theory of the 1980s generated a counter reaction in the
1990s that Pete Klenow and Andres Rodriguez-Clare have
called the 'neoclassical revival.' The article by
William Easterly and Ross Levine is part of the next swing
in the scholarly pendulum. It moves away from the critical
assumption in the neoclassical revival that the level of
technology is the same in all countries. |
| format |
Journal Article |
| author |
Romer, Paul |
| author_facet |
Romer, Paul |
| author_sort |
Romer, Paul |
| title |
Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine |
| title_short |
Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine |
| title_full |
Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine |
| title_fullStr |
Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine |
| title_full_unstemmed |
Comment on 'It's Not Factor Accumulation : Stylized Facts and Growth Models,' by William Easterly and Ross Levine |
| title_sort |
comment on 'it's not factor accumulation : stylized facts and growth models,' by william easterly and ross levine |
| publisher |
Washington, DC: World Bank |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/05/17737434/comment-not-factor-accumulation-stylized-facts-growth-models-william-easterly-ross-levine http://hdl.handle.net/10986/17448 |
| _version_ |
1764433178495287296 |