Arbeitspapier
The endogeneity of the natural rate of growth for a selection of Asian countries
The paper questions the assumption in all of mainstream growth theory that the Harrod natural rate of growth is exogenously determined and independent of the pressure of demand in an economy. First a simple statistical technique is presented for estimating the natural rate of growth, and then it is shown how it is possible to test for its endogeneity. The model is applied to ten Asian countries, and the results support the conclusions from previous studies of OECD and Latin American countries that the natural rate of growth is elastic to the actual rate of growth working through induced labour supply and productivity growth. Demand matters for economic growth.
- Language
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Englisch
- Bibliographic citation
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Series: School of Economics Discussion Papers ; No. 10,06
- Classification
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Wirtschaft
- Subject
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demand-led growth
endogenous labour supply and productivity growth
Asia
- Event
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Geistige Schöpfung
- (who)
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Dray, Mark
Thirlwall, A. P.
- Event
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Veröffentlichung
- (who)
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University of Kent, School of Economics
- (where)
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Canterbury
- (when)
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2010
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Dray, Mark
- Thirlwall, A. P.
- University of Kent, School of Economics
Time of origin
- 2010
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