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A Contribution to the Empirics of Economic Growth

N. Gregory Mankiw, David Romer and David N. Weil
The Quarterly Journal of Economics
Vol. 107, No. 2 (May, 1992), pp. 407-437
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/2118477
Page Count: 31
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A Contribution to the Empirics of Economic Growth
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Abstract

This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate the augmented Solow model predicts.

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