World total factor productivity growth and the steady-state rate in the 20th century
Breton, Theodore R.
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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.
Source / Editor URLEconomics Letters. Vol.119(3), 2013, pp.340-343