World Total Factor Productivity Growth and the Steady-State Rate in the 20th Century

14 Pages Posted: 17 Sep 2014 Last revised: 27 Dec 2014

See all articles by Theodore R. Breton

Theodore R. Breton

George Mason University - Department of Economics; Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF)

Date Written: March 2, 2013

Abstract

I estimate a Solow model augmented with human capital in 42 countries for 1910-2000. Estimated TFP growth is 0.3%/year, and the steady-state rate for GDP/capita is 1.0% year. Implicitly for high-income countries maintaining growth above this rate will be increasingly difficult.

Keywords: Economic Growth, Solow Model, Steady State, TFP Growth, Convergence

JEL Classification: O41, O47

Suggested Citation

Breton, Theodore R., World Total Factor Productivity Growth and the Steady-State Rate in the 20th Century (March 2, 2013). Center for Research in Economics and Finance (CIEF), Working Paper No. 13-33, Available at SSRN: https://ssrn.com/abstract=2497078 or http://dx.doi.org/10.2139/ssrn.2497078

Theodore R. Breton (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

Universidad EAFIT - School of Economics and Finance - Center for Research in Economic & Finance (CIEF) ( email )

Carrera 49 No. 7 South - 50
Medellin
Colombia

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