The predominant theory of growth until recently estimated by separate the contribution of labor and capital additions and tried to explain the high residue. It was criticized by Lucas (1988), Abramovitz (1989), Schultz (1988), Romer (1989a), Scott (1989, 1991) and others to be inconsistent with the observed general phenomena that have accompanied the growth, or explain them in the form inadequate. These include the rising real income from employment but a more or less constant rate of return on capital, the relatively low participation and slowly decreasing capital in national income, the very different growth rates between countries, and the failure of income per capita in most less developed countries to converge with that of the industrialized countries.
|Translated title of the contribution||Implications of endogenous growth theory in the concept of performance growing macroeconomic Allyn Young|
|Number of pages||32|
|Journal||Revista de Economía Institucional|
|Publication status||Published - 2013|
- Allyn Young
- growth theory
- income growth