Sources of growth revisited: The importance of the nature of technological progress
Senay Acikgoz () and
Journal of Applied Economics, 2014, vol. 17, 31-62
Traditional sources of growth studies generally assume that the nature of technological progress is Hicks-neutral. However, the nature of technological progress compatible with steady state conditions is Harrod-neutral rather than Hicks-neutral. This study thus investigates sources of growth for Hong-Kong, the Republic of Korea, Singapore and Taiwan using the bounds testing procedure of Pesaran, Shin and Smith (2001) and the autoregressive distributed lag (ARDL) approach of Pesaran and Shin (1999). The robustness of the test results and parameter estimates are also justified by the fully modified ordinary least squares approach of Phillips and Hansen (1990). The results emphasize that the fundamental source of economic growth is technological progress in the short-run.
Keywords: economic growth; technological progress; the bounds testing approach; ARDL; FM-OLS (search for similar items in EconPapers)
JEL-codes: C22 O30 O47 O57 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (23) Track citations by RSS feed
Downloads: (external link)
Journal Article: Sources of Growth Revisited: The Importance of the Nature of Technological Progress (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cem:jaecon:v:17:y:2014:n:1:p:31-62
Access Statistics for this article
Journal of Applied Economics is currently edited by Germán Coloma and Mariana Conte Grand and Jorge M. Streb
More articles in Journal of Applied Economics from Universidad del CEMA Contact information at EDIRC.
Bibliographic data for series maintained by Valeria Dowding ().