The Anatomy of Growth in the OECD since 1870: the Transformation from the Post-Malthusian Growth Regime to the Modern Growth Epoch

Jakob Madsen

No 14-09, Monash Economics Working Papers from Monash University, Department of Economics

Abstract: This paper extends conventional growth accounting exercises to allow for endogeneity of capital, the demographic transition, age dependency, and employment rates among other factors. Using data for the OECD countries in the period 1870-2006 it is shown that growth has been predominantly driven by demographics and TFP growth. TFP has in turn been driven by R&D, knowledge spillovers through the channel of imports, educational attainment, and the interaction between educational attainment and the distance to the frontier. The estimates suggest permanent growth effects of R&D and human capital and, therefore, that growth can be expected to be positive for the rest of this century.

Keywords: human capital; demographic transition; endogenous growth models (search for similar items in EconPapers)
JEL-codes: O30 O40 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2009-08
New Economics Papers: this item is included in nep-hrm
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Citations: View citations in EconPapers (3)

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