Long-Run Policy Analysis and Long-Run Growth
Journal of Political Economy
1991
The wide cross-country disparity in rates of economic growth is the most puzzling feature of the development process. This paper describes a class of models in which this heterogeneity in growth experiences can be the result of cross-country differences in government policy. These differences can also create incentives for labor migration from slow-growing to fast-growing countries. In the models considered, growth is endogenous, despite the absence of increasing returns, because there is a "core" of capital goods that can be produced without the direct or indirect contribution of factors that cannot be accumulated, such as land. Copyright 1991 by University of Chicago Press.
- DOI
- 10.1086/261764
- Volume
- 99 (3)
- Pages
- 500-521
- Language
- en
- Export
- BibTeX
- Sources
- crossref openalex