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An economic growth model showing government spending with reference to Colombia and learning-by-doing

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  • Carlos Humberto Ortiz

    (Universidad del Valle)

Abstract

Learning-by-doing and government spending are well-known engines of long-term economic growth. These growth engines’ interaction has not been analysed to the best of our knowledge. This paper aims at filling that perceived gap by combining Matsuyama [1992] and Barro’s [1990] approaches. Industrialisation and growth are assumed to be directly related in the ensuing model. Governments may play a role in industrialisation by adopting an optimum fiscal policy and through improving efficiency. There is also room for industrial policies leading to optimum resource allocation. This possibility might be reduced in an open commercial regime because the power of comparative advantages may lead a country towards deindustrialisation and lower economic growth. The model is the basis of a reflection on the Colombian economy’s slowdown since 1980

Suggested Citation

  • Carlos Humberto Ortiz, 2004. "An economic growth model showing government spending with reference to Colombia and learning-by-doing," Colombian Economic Journal, Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Universidad Externado de Colombia, Universidad Nacional de Colombia, vol. 2(1), pages 157-188, November.
    • Handle: RePEc:cej:primer:v:2:y:2004:i:1:p:157-188
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    Keywords

    learning-by-doing; government spending; economic growth; comparative advantage and industrialization;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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