Estimates of the steady state growth rates for the Scandinavian countries: a knowledge economy approach

Paolo Casadio, Antonio Paradiso and B. Rao

MPRA Paper from University Library of Munich, Germany

Abstract: This paper estimates the steady state growth rate for Scandinavian countries with a “knowledge economy” approach. We shall use an extended version of the Solow (1956) growth model, in which total factor productivity is assumed to be a function of human capital (measured by average years of education), trade openness and investment ratio. Using this framework we show that these factors, and in particular the education variable, have played an important role to determine the long run growth rates of the Scandinavian countries. Some policy measures are identified to improve the long-run growth rates for these countries.

Keywords: Endogenous growth models; Trade openness; human capital; investment ratio; Steady state growth rate; Scandinavian countr (search for similar items in EconPapers)
JEL-codes: C22 O40 O52 (search for similar items in EconPapers)
Date: 2011-05-30
New Economics Papers: this item is included in nep-dge, nep-eec, nep-fdg and nep-knm
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:31606

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