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Economics

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Growth and productivity: A model of cumulative growth and catching up

Article Abstract:

A contribution to the debate about the economic convergence of follower countries toward the leader countries via the diffusion of technical progress, suggests that strong forces push in the direction of a convergence, but other forces act in the opposite direction. The standard neoclassical theory of growth is considered in the context of the convergence problem. The combined model of endogenous technical progress, a catching-up model of productivity growth and an export-led growth model was tested for a sample of OECD countries, and the hypothesis that the strength of the cumulative growth process and the capacity of investment to introduce technical progress, is confirmed.

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Space: the final frontier

Article Abstract:

The spatial structure of the economy has drawn the attention of economists. This sudden surge of interest in spatial economics as a subdiscipline can be attributed to the development of econometric models that explain increasing returns and imperfect competition. Economists are trying to explain the dramatic disparity in the distribution of economic activity across space by formulating models of economic geography. Spatial economics, however, has not cast light on issues economists have been trying to elucidate concerning economic geography.

Economic aspects, Mathematical models, Industrial locations, Industrial location, Economic geography

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Reply to Tran-Nam Binh and Mark McGillivray, 'Foreign aid, taxes and public investment: a comment.' (response to Tran-Nam Binh and Mark McGillivray, Journal of Development Economics, vol. 41, p. 173, June 1993)

Article Abstract:

There is no evidence to suggest that the quadratic form formulated by Tran-Nam Binh and Mark McGillivray is superior to the specific linear-quadratic form in computing for the loss function. Although it is true that the currently popular specific linear-quadratic form does not minimize loss, replacing it with the quadratic form does not solve the problem. The assymmetric loss functions and other functions that take into consideration interdependence among policy variables are the possible solutions.

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