Journal Article

Classical and technological convergence: beyond the Solow‐Swan growth model

Steve Dowrick and Mark Rogers

in Oxford Economic Papers

Volume 54, issue 3, pages 369-385
Published in print July 2002 | ISSN: 0030-7653
Published online July 2002 | e-ISSN: 1464-3812 | DOI: https://dx.doi.org/10.1093/oep/54.3.369
Classical and technological convergence: beyond the Solow‐Swan growth model

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Recent investigations into cross‐country convergence follow Mankiw, Romer, and Weil (1992) in using a log‐linear approximation to the Swan‐Solow growth model to specify regressions. These studies tend to assume a common and exogenous technology. In contrast, the technology catch‐up literature endogenises the growth of technology. The use of capital stock data renders the approximations and over‐identification of the Mankiw model unnecessary and enables us, using dynamic panel estimation, to estimate the separate contributions of diminishing returns and technology transfer to the rate of conditional convergence. We find that both effects are important.

Journal Article.  0 words. 

Subjects: Economics

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