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A Smithian analysis of the Colombian economic growth

Diana Marcela Jiménez () and Carlos Ortiz

Revista ESPE - Ensayos Sobre Política Económica, 2016, vol. 34, issue 79, No 14433, 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.******Análisis estadísticos revelan que, después de controlar por la acumulación de los factores productivos, el efecto conjunto de la diversificación de los insumos manufactureros y la capacidad de compra de la población urbana tiene un impacto positivo y significativo en el crecimiento económico colombiano. Además, se ofrece evidencia estadística de que los recortes o deficiencias de la infraestructura pública y de los servicios públicos, así como las violaciones de los derechos de propiedad disminuyen el crecimiento económico. Estos resultados son consistentes con la visión smithiana del desarrollo económico.

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
References: Add references at CitEc
Citations: View citations in EconPapers (6)

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https://doi.org/10.1016/j.espe.2016.01.002

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