Convergence or divergence? The impact of technology on “why growth rates differ”

Abstract

This paper presents an overview and assessment of the theoretical and empirical work on catch-up and growth, with particular emphasis on the impact of technology, and the consequences for developing countries. The point of departure is the neoclassical theory of economic growth, as laid out by Solow and others in the 1950s, and the applied work that followed (“growth accounting”). Then the contributions from economic historians and more heterodox economists, such as Schumpeter, Kaldor and others, are discussed, followed by an account of the most recent theoretical developments (“new growth theory”) and the empirical (econometric) work in this area.

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