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What do Exogenous Shocks Tell Us about Growth Theories?

Author

Listed:
  • Ilan Noy

    (Department of Economics, University of Hawaii at Manoa)

  • Aekkanush Nualsri

    (Department of Economics, University of Hawaii at Manoa)

Abstract

The sources of economic growth and development have been puzzling economists from the modern dawn of the profession. While the Solow-Swan neo-classical model dominated research on growth in the 1960s and 1970s, the 1980s saw the emergence of growth theories that disputed, largely on theoretical grounds, the Solow-Swan assumptions and conclusions. In this paper, we do not examine the determinants of the level of per capita income as an indication that a certain theory has better explanatory power. Rather, we focus on the dynamics of growth following external exogenous shocks (natural disasters). We argue that the data analysis we present suggests that the neoclassical model does not accord very well with the growth experience of developing countries.

Suggested Citation

  • Ilan Noy & Aekkanush Nualsri, 2007. "What do Exogenous Shocks Tell Us about Growth Theories?," Working Papers 200728, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:200728
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_07-28.pdf
    File Function: First version, 2007
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    More about this item

    Keywords

    growth theory; long run growth; Solow; disasters; exogenous shocks;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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