Long-run policy analysis and long-run growth

Sérgio Rebelo*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

1496 Citations (Scopus)

Abstract

The wide cross-country disparity in rates of economic growth is the most puzzling feature of the development process. This paper describes a class of models in which this heterogeneity in growth experiences can be the result of cross-country differences in government policy. These differences can also create incentives for labor migration from slow-growing to fast-growing countries. In the models considered, growth is endogenous despite the absence of increasing returns because there is a “core” of capital goods that can be produced without the direct or indirect contribution of factors that cannot be accumulated, such as land.

Original languageEnglish
Pages (from-to)500-521
Number of pages22
JournalJournal of Political Economy
Volume99
Issue number3
DOIs
Publication statusPublished - 1991

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