The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Economic Growth, Empirical Regularities in

  • Steven N. Durlauf
  • Paul A. Johnson
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2689

Abstract

The evolution of economic growth theory throughout the post-war period has been deeply influenced by the effort to explain broad patterns in cross-country behaviour. We discuss some of the salient empirical regularities associated with neoclassical and new growth economics and consider the shift in focus that has occurred. We first describe the stylized facts of Kaldor that played an important role in the assessment of neoclassical growth models. Next, we consider how a switch in focus to a different class of regularities is associated with the new growth economics that began in the 1980s and dominates contemporary research.

Keywords

Economic growth Elasticity of substitution Endogenous growth Factor shares in national income Kaldor, N Labour productivity Labour’s share of income Model uncertainty Neoclassical growth theory 

JEL Classification

O47 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Steven N. Durlauf
    • 1
  • Paul A. Johnson
    • 1
  1. 1.