World total factor productivity growth and the steady-state rate in the 20th century
Fecha
2013-03
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Elsevier
Resumen
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.