Are Any Growth Theories Robust

Dados Bibliográficos

ID9718337
AutoresSteven N Durlauf (0000-0001-8699-7056, University of Wisconsin), Andros Kourtellos (0000-0001-9662-0420, University of Cyprus), Chih Ming Tan (Tufts University)
Ano2008
Volume118
Fascículo527
Páginas329-346
Data de publicação2008-03-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoThe Economic Journal (JOURNAL)
Identificadores do periódicoISSN: 0013-0133 • E-ISSN: 1468-0297
EditoraOxford University Press (OUP) (PUBLISHER)
DOI10.1111/j.1468-0297.2007.02123.x
OpenAlexW3124136373
IdiomaEN
Citações recebidas29
Referências citadas32

The recent growth literature has seen an explosion of work exploring the role of new and fundamental theories of growth such as geography, institutions, ethnic fractionalization, and religion. Nevertheless, claims about the empirical validity of these new growth theories are typically made within very particular specifications of the growth model. In this paper, we investigate the robustness of these theories when the researcher appropriately accounts for model uncertainty. We first consider the robustness of these theories within the canonical growth regression framework. We then deviate from this framework to explore the impact of these new growth theories on the components of growth – TFP growth and physical and human accumulation rates – derived from a growth accounting exercise. We find very little evidence to support the contention that any of the new growth theories play an important and robust role in explaining growth and its components. We find instead that variation in growth may be robustly explained by differences in macroeconomic policies and unknown heterogeneity associated with regional groupings. We also find that, consistent with endogenous growth models, physical and human capital externalities are the main determinants of TFP growth

Creative destruction · Econometrics · Economics · Endogenous growth theory · Ethnic group · Externality · Fractionalization · Growth theory · Human capital · Macroeconomics · Microeconomics · Neoclassical economics · Productivity · Robustness (evolution · Sociology · Total factor productivity · Culture, Economy, and Development Studies · Economic Growth and Development · Income, Poverty, and Inequality