As a current student on this bumpy collegiate pathway, i stumbled upon course hero, where i can find study resources for nearly all my courses, get online help from tutors 247, and even share my old projects, papers, and lecture notes with other students. This pdf is a selection from a published volume from the national bureau of. In their 1992 paper entitled a contribution to the empirics of economic growth, mankiw, romer and weil intend to show that, despite its shortcomings, the solow model is a satisfactory enough framework for growth analysis. The data are presented in excel, stata, and text file formats. In brief, mankiw, romer, and weil 1992, henceforth mrw, performed an empirical evaluation of a textbook solow 1956 growth model using the penn world tables, a multicountry data set constructed by summers and heston 1988 for the years 19601985. It is well known that the solow approach overstates understates the contribution of capital accumulation technological progress to economic growth and that the mankiwromerweil approach addresses this issue. In brief, mankiw, romer, and weil 1992, henceforth mrw.
This study explores growth accounting under endogenous technological progress. To address this question, we show that the empirical framework of mankiw, romer, and weil 1992 can be extended to test any growth model that admits a balanced growth path, and we use that framework both to revisit variants of the solow growth model and to evaluate simple alternative models of endogenous growth. Notes on mankiw, romer and weil allin cottrell, september 2003 heres an exegesis of section i of the paper by mankiw, romer and weil mrw. Human capital, ideas, and economic growth stanford university. Based on mankiw romer and weil 1992 with conditional convergence holding fertility rates, education and government spending as a share of gdp constant. Critiques to mankiw, romer, weil 1992 paper on economic growth. Contribution to the empirics of economic growth the quarterly. This is the third part of the replica of mankiw, romer and weil 1992 paper on the empirics of economic growth. In brief, mankiw, romer, and weil 1992, henceforth mrw, performed an empirical evaluation of a.
Contribution to the empirics of economic growth the. This paper presents an openeconomy extension of the mankiwromerweil. We may simply show how mrws expression for the steadystate. This paper presents a simple model of human capital, ideas, and economic growth that integrates contributions from several di erent strands of the growth literature. Their combined citations are counted only for the first article. A contribution to the empirics of economic growth n. The model generates a regression specification that is very similar to that employed by mankiw, romer and weil 1992, but the economics underlying the.
L ball, ng mankiw, d romer, ga akerlof, a rose, j yellen, ca sims. Spatial externalities and growth in a mankiwromerweil. This paper estimates national stocks of human capital in 1990 created from prior investment in schooling and shows that. But the ability to substitute freely between h and k is perhaps not always plausible. Terence huw edwards loughborough university abstract mankiw, romer and weil 1992 found that, by adding a measure of school enrolment to capital and labour, a crosscountry regression displays income convergence. We link the diffusion of ideas to spatial proximity and allow for ideas. The paper argues that the solow growth model, once augmented to include a role for human capital, does a reasonably good job of explaining international. First, the level of technology is considered as given and, thus, exogenously determined.
In the long run, equality of returns seems reasonable. The quarterly journal of economics 107 2, 407437, 1992. This paper presents an openeconomy extension of the mankiwromerweil henceforth mrw model see mankiw et al. Critiques to mankiw, romer, weil 1992 paper on economic. If you can get a good understanding of this section, the rest of the paper should be fairly easy.
Population studies and training center pstc collection. Introduction i n a seminal paper, man kiw, romer, and weil 1992 hereafter mrw revived the canonical solow 1956 growth model, which had come under increasing challenge from the development of the new endogenous growth models. Olivier blanchard, anne case, lawrence katz, robert king, paul romer, xavier. Weil this paper examines whether the solow growth model is consistent with the international variation in the standard of living.
Presentation mode open print download current view. A contribution to the empirics of economic growth nber. Mankiw, romer, and weil 1992 estimate that the solow model augmented to include human capi tal can explain 78% of the crosscountry variance of output per capita in 1985. The quarterly journal of economics, volume 107, issue 2, may 1992, pages 407437, published. A contribution to the empirics of economic growth mankiw, romer and weil 1992 abstract. The marginal product of human capital in mankiw, romer, and weils 1992 augmented solow model measures the direct and two external effects of human capital created from. The model generates a regression speci cation that is very similar to that employed by mankiw, romer and weil 1992, but the economics underlying the speci cation is very di erent. This is the first part of the replica of mankiw, romer and weil 1992 paper on the empirics of economic growth. It may be helpful to state this point in units of time. Weil this paper examines whether the solow growth model is consistent with the. This paper examines whether the solow growth model is consistent with the international variation in the standard of living. Y khal1al where y is output, k is physical capital, h is human capital, a is the level of technology, and l is labor.
A contribution to the empirics of economic growth, the quarterly journal of economics, oxford university press, vol. The empirics of economic growth 409 finally, we discuss the predictions of the solow model for. This pdf is a selection from a published volume from. Olivier blanchard, anne case, lawrence katz, robert king, paul romer, xavier salaimartin, amy salsbury, robert solow, lawrence summers, peter temin, and the referees for helpful comments, and to the national science foundation for financial support. We create the variables necessary for us to implement the sgm. It shows that an augmented solow model that includes accumulation of human as well as physical capital provides. I f technological change en hances productivity by 2. In a seminal paper, mankiw, romer, and weil 1992 hereafter mrw revived the canonical. Notes on mankiw, romer and weil wake forest university.
It shows that an augmented solow model that includes accumulation of human as well as physical capital provides an excellent description of the crosscountry data. In their influential work on the augmented solow model, mankiw, romer and weil 1992 showed that crosssection evidence was reasonably consistent with the solow growth model augmented to include. Returns to education and the mankiwromerweil result. In the data the effects of saving and population growth on income are. For example, mankiw, romer and weil 1992, barro and salaimartin 1992 and evans 1996 showed, using data from the second half of the 20th century, that most countries seem to be converging to roughly similar longrun growth rates, whereas endogenous. The reasoning behind the theoretical work is that technological ideas cannot be fully appropriated by investors and these ideas may diffuse and increase the productivity of other firms. Mankiw, romer and weil 1992, qje mankiw, romer and weil 1992, qje mankiw, romer and weil 1992, qje. Based on mankiw romer and weil 1992 with conditional. Im searching for bibliography on the critiques to the mankiw, romer, weil 1992 paper. Thus begins one of the most influential and widely cited pieces in the empirical growth literature, a 1992 article by n. In mankiw, romer, and weils augmented solow model quarterly journal of economics 107 2 407437 1992, the marginal product of human capital accrues to three factors of production. Alwyn young 1994, 1995 finds that the east asian growth mira. This paper presents a theoretical growth model that accounts for technological interdependence among regions in a mankiwromerweil world.
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