A further augmentation of the Solow model and empirics of economic growth for OECD countries

Nonneman, Walter; Vanhoudt, Patrick
August 1996
Quarterly Journal of Economics;Aug96, Vol. 111 Issue 3, p943
Academic Journal
The article focuses on a study which extends the Mankiw-Romer-Weil economic model by generalizing the augmented Solow growth model and the empirics of economic growth for countries of the Organization for Economic Co-operation and Development (OECD). The model including investment in know-how explains about three-quarters of the variation in gross domestic product (GDP) per capita between OECD countries. It was found that the estimated effect on per capita income levels of the share of GDP invested in human capital is no longer statistically significant, and its value is smaller than what follows from the augmented Solow model.


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