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There Is No Silver Bullet: Investment and Growth in the G7

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  • Chrys Dougherty
  • Dale W. Jorgenson

Abstract

This paper considers the relative importance of investment and productivity in the growth of the G7 countries during the period 1960-89. Investment is the commitment of resources in the expectation of future returns to the investor. Productivity is identified with 'spillovers' of benefits that do not provide incentives for investment. The great preponderance of growth in the US and Canada is due to investment. Investment is more important than productivity for all of the G7 countries, except France, after 1973. Patterns of economic growth have converged for the G7 countries, but important differences remain.

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  • Chrys Dougherty & Dale W. Jorgenson, 1997. "There Is No Silver Bullet: Investment and Growth in the G7," National Institute Economic Review, National Institute of Economic and Social Research, vol. 162(1), pages 57-74, October.
    • Handle: RePEc:sae:niesru:v:162:y:1997:i:1:p:57-74
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    Cited by:

    1. Barro, Robert J, 1999. "Notes on Growth Accounting," Journal of Economic Growth, Springer, vol. 4(2), pages 119-137, June.
    2. Frank C. Lee & Wulong Gu & Jianmin Tang, 2000. "Economic and Productivity Growth in Canadian Industries," American Economic Review, American Economic Association, vol. 90(2), pages 168-171, May.
    3. Nazrul Islam, 2003. "What have We Learnt from the Convergence Debate?," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 309-362, July.
    4. Jorgenson, Dale W. & Yip, Eric, 1999. "Qu’est-il advenu de la croissance de la productivité?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 75(4), pages 559-596, décembre.
    5. Bernd Görzig & Martin Gornig, 2013. "Intangibles, Can They Explain the Dispersion in Return Rates?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 59(4), pages 648-664, December.

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