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There Is No Silver Bullet: Investment and Growth in the G7
Chrys Dougherty and Dale W. Jorgenson
National Institute Economic Review
No. 162 (October 1997), pp. 57-74
Published by: Sage Publications, Ltd.
Stable URL: http://www.jstor.org/stable/23872242
Page Count: 18
You can always find the topics here!Topics: Financial investments, Capital investments, Economic capital, Productivity, Human capital, Labor, Capital stocks, Economic growth, Economic growth models, Economic growth theories
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This paper considers the relative importance of investment and productivity in the growth of the G7 countries during the period 1960–89. Investment is the commitment of resources in the expectation of future returns to the investor. Productivity is identified with 'spillovers' of benefits that do not provide incentives for investment. The great preponderance of growth in the US and Canada is due to investment. Investment is more important than productivity for all of the G7 countries, except France, after 1973. Patterns of economic growth have converged for the G7 countries, but important differences remain.
National Institute Economic Review © 1997 Sage Publications, Ltd.