A Complete One-Sector Neoclassical Growth Model

Sibabrata Das, Alex Mourmouras and Peter Rangazas
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Sibabrata Das: International Monetary Fund
Alex Mourmouras: International Monetary Fund

Chapter 5 in Economic Growth and Development, 2018, pp 125-158 from Springer

Abstract: Abstract In this chapter we put all the elements discussed in previous chapters together. The model includes private capital from Chap. 2 , government capital and taxation from Chap. 3 , and fertility and schooling from Chap. 4 . The features are combined to study large income differences across rich and poor countries, what is known as development economics. At the dawn of the Industrial Revolution, the differences in per capita income across countries were relatively modest. Per capita income in the richest countries was only 2–4 times greater than per capita income in the poorest countries. Over the course of the last two centuries, per capita income of the rich countries has diverged from that of the poor countries. By the end of the twentieth century, rich countries were 20–40 times richer than poor countries. What could explain stylized growth fact G4, dramatically large gaps in living standards?

Date: 2018
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DOI: 10.1007/978-3-319-89755-4_5

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