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Is Growth Endogenous or Neoclassical? Evidence from Fifty-Six Countries and Five Continents

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Abstract

Changes in the investment rate, population rate, and government consumption may alter real growth permanently in an endogenous growth model, but only temporarily in a neoclassical model, where the only permanent effect is a change in the steady-state level of output per capita. Using annual data from the 1950-1992 period for a sample of 56 economies, the paper finds that real growth rates are unaffected by changes in government consumption, positively affected by changes in the investment rate, and negatively affected by changes in the population rate, evidence consistent with endogenous growth theories. Interestingly, however, the growth experience of Asia, North America, and Europe is found to be best described as neoclassical, whereas that of Africa and South America appears to have elements of endogenous growth mechanisms.

Suggested Citation

  • Karras , Georgios, 2001. "Is Growth Endogenous or Neoclassical? Evidence from Fifty-Six Countries and Five Continents," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 54(2), pages 203-217.
    • Handle: RePEc:ris:ecoint:0218
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    Cited by:

    1. Karras Georgios, 2001. "Long-Run Economic Growth In Europe: Is It Endogenous Or Neoclassical?," International Economic Journal, Taylor & Francis Journals, vol. 15(2), pages 63-76, June.

    More about this item

    Keywords

    Neoclassical Growth Model; Endogenous Growth;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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