Economic growth and the return to capital in developing economies

Peter Robertson

doi:10.1093/oep/51.4.577

Economic growth and the return to capital in developing economies

Peter Robertson

Research output: Contribution to journal › Article › peer-review

11 Citations (Web of Science)

Abstract

An important stylized fact of economic growth is that the rate of return to capital is relatively constant across countries and over time. This paper provides an explanation using a model of growth for a developing economy that has a dualistic structure. Three conditions are derived, each of which may account for the observed stability of the return to capital. The results address Lucas' criticism of conventional growth models and support recent growth accounting studies of East Asian economies, which emphasize the role of increased factor inputs.

Original language	English
Pages (from-to)	577-594
Journal	Oxford Economic Papers
Volume	51
Issue number	4
DOIs	https://doi.org/10.1093/oep/51.4.577
Publication status	Published - Oct 1999
Externally published	Yes

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Economic growth and the return to capital in developing economies

Abstract

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