Modeling Long-Run Economic Growth: Technical Paper 2003-04

Robert W. Arnold

No 14497, Working Papers from Congressional Budget Office

Abstract: This paper reviews the recent empirical literature on long-run growth to determine what factors influence growth in total factor productivity (TFP) and whether there are any channels of influence that should be added to standard models of long-run growth. Factors affecting productivity fall into three general categories: physical capital, human capital, and innovation (including other factors that might influence TFP growth). Recent empirical evidence provides little support for the idea that there are extra-normal returns to physical capital accumulation, nor is there

Date: 2003-06-01
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