Testing the Neoclassical Model of Regional Economic Growth: A Panel Data Approach across the Finnish Provinces, 1973-1996

Mäki-Arvela, Petteri
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Mäki-Arvela, Petteri: University of Turku

The Review of Regional Studies, 2002, vol. 32, issue 2, 223-253

Abstract: This study assesses the degree to which the variation of regional growth rates in Finland during the period 1973-1996 is consistent with the neoclassical view of growth. Panel data on Finnish provinces are examined with several estimation techniques and the obtained results are tested for their sample and model sensitivity. A region's investment rate, population growth rate, and the rate of technological progress are found to be reliable predictors of output per capita, but only when the growth model is augmented to include human and public capital accumulation, as well as initial conditions among regions. This suggests a need to examine the links between regional economic growth and the accumulation of new forms of capital more carefully.

Date: 2002
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