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Growth and Externalities Across Economies: An Empirical Analysis Using Spatial Econometrics

  • Esther Vayá
  • Enrique López-Bazo
  • Rosina Moreno
  • Jordi Suriñach
Part of the Advances in Spatial Science book series (ADVSPATIAL)

Abstract

Recent theoretical models of economic growth emphasize the importance of external effects for the accumulation of factors of production (Romer, 1986, 1990; Lucas, 1988). Externalities imply that an increase in the stock of reproducible factors leads to an improvement in the level of technology that cannot be fully appropriated by the agent making the investment. As a result, the aggregate or social return on the investment is greater than the private return obtained by the individual agent. A crucial assumption is usually that externalities spread over the entire economy, affecting the level of technology of each individual firm.

Keywords

Human Capital Ordinary Less Square Total Factor Productivity Physical Capital Growth Equation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2004

Authors and Affiliations

  • Esther Vayá
    • 1
  • Enrique López-Bazo
    • 1
  • Rosina Moreno
    • 1
  • Jordi Suriñach
    • 1
  1. 1.University of BarcelonaSpain

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