A Model of Growth and Convergence in the Presence of Input-Enhancing Factors: an Empirical Study

Michael J. Panik ()
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Michael J. Panik: Dept. of Economics, Barney School of Business, A412B, University of Hartford, Hartford, CT 06117.

Economic Inquiry, 2002, vol. 40, issue 2, 158-165

Abstract: We introduce and estimate a growth model involving non-neutral technical change characterized by the presence of input-enhancing factors that vary across countries and serve to offset (and potentially eliminate) diminishing returns to capital. Our empirical results, however, indicate that diminishing returns to capital proves too strong to be overcome by, say, capital-enhancing factors. Consequently, our model predicts a conditional convergence of output per worker across countries, with the speed of convergence being slower than that found in earlier models involving neutral technical change. Copyright 2002, Oxford University Press.

Date: 2002
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