TESTING DIFFERENT CLASSES OF ENDOGENOUS GROWTH MODELS: INDUSTRY EVIDENCE FOR THE NEW ZEALAND ECONOMY

Hans-Jurgen Engelbrecht () and Nathan McLellan
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Nathan McLellan: New Zealand Treasury, Wellington, New Zealand

The Singapore Economic Review (SER), 2002, vol. 47, issue 01, 89-110

Abstract: The endogenous growth literature can be broadly separated into two classes of growth models: Rival human capital models and non-rival "idea" models. Both classes differ in their positive and normative implications for growth. Following Klenow's (1998) approach, this paper uses industry panel data to investigate which class of growth models might be the most appropriate for the New Zealand economy: Exogenous growth, or one of the two classes of endogenous growth models. In contrast to Klenow's findings for the United States, in the New Zealand case rival human capital models seem more applicable, though none of the models correctly predicts all of the empirical relationships.

Keywords: Growth; Human capital; Ideas; Industry data; New Zealand (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1142/S0217590802000390

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