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A Smithian analysis of the Colombian economic growth

Carlos Humberto Ortiz and Diana Marcela Jiménez ()
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Diana Marcela Jiménez: Universidad del Valle

Revista ESPE - Ensayos sobre Política Económica, 2016, vol. 34, issue 79, No 79, 66-77

Abstract: Statistical analyses show that, after controlling for the accumulation of productive factors, the joint effect of the diversification of manufacturing inputs and the urban population purchasing power has a positive and significant impact on the Colombian economic growth. Furthermore, there is statistical evidence that shortages or deficiencies of public infrastructure and public services, as well as the violations of property rights diminish economic growth. These results are consistent with the Smithian vision of economic development.

Keywords: Economic growth; Productive diversification; Purchasing power; Scale economies; Public goods (search for similar items in EconPapers)
JEL-codes: D24 D31 D62 E25 H54 I32 O11 O14 O47 (search for similar items in EconPapers)
Date: 2016
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