what have been the major findings production function studies of the sources of growth in developing...

what have been the major findings production function studies of the sources of growth in developing countries

Expert Solution

Capital accumulation is more important than increases in total factor productivity for GDP growth, especially for developing countries. A notable dimension of this is that resource shifts from agriculture to industry did not result in productivity increases as large as economists might have predicted.

Steady improvements in the quality of labour are important: health and education = HK. ( If human capital increases then it has an offsetting effect on the declining marginal product of capital, dampening convergence). There does seem to be evidence of conditional convergence i.e. rich countries do in fact grow more slowly but only once things like trade, R&D, education and political stability are accounted for in empirical models.

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Rahul Sunny answered 2 years ago

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