The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital

• 成果类型: Article
• 署名作者: Jones, Charles I.; Romer, Paul M.
• 署名单位: Stanford University; National Bureau of Economic Research; Stanford University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.2.1.224
• 发表日期: 2010
• 页码: 224-245
• 关键词: increasing returns; technology adoption; endogenous growth; technical change; ECONOMIC-GROWTH; TRADE; PRODUCTIVITY; diffusion; empirics; welfare

摘要

In 1961, Nicholas Kaldor highlighted six stylized facts to summarize the patterns that economists had discovered in national income accounts and to shape the growth models being developed to explain them. Redoing this exercise today shows just how much progress we have made. In contrast to Kaldor's facts, which revolved around a single state variable, physical capital, our updated facts force consideration of four far more interesting variables: ideas, institutions, population, and human capital. Dynamic models have uncovered subtle interactions among these variables, generating important insights about such big questions as: Why has growth accelerated? Why are there gains from trade? (JEL D01, E01, E22, E23, E24, J11)