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Scale effects found!

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摘要

A key feature of early endogenous growth models is their prediction of scale effects - the larger the economy, as measured by population, the number of firms or employment, the faster the economy should grow. However, empirical work has failed to support the existence of scale effects. As a result, much human capital has been expended in order to 'fix' this problem by eliminating scale effects in endogenous growth models. We contend that econometric techniques used in the empirical search for scale effects are inconsistent with growth theory. Using data from US states and an econometric technique that better matches growth theory by allowing each economy to have its own steady state, we provide empirical support for the existence of scale effects. Results call into question the need to reformulate the first models of endogenous growth.
机译:早期内生增长模型的一个关键特征是对规模效应的预测-以人口,公司或就业人数衡量的经济规模越大,经济增长速度就越快。但是,实证研究未能支持规模效应的存在。结果,为了消除内生增长模型中的规模效应来“解决”这一问题,已经花费了大量的人力资本。我们认为,在实证研究尺度效应中使用的计量经济学技术与增长理论不一致。通过使用来自美国各州的数据以及通过允许每个经济体拥有自己的稳态来更好地匹配增长理论的计量经济学技术,我们为规模效应的存在提供了经验支持。结果使人们质疑是否需要重新制定第一个内生增长模型。

著录项

  • 来源
    《Applied Economics》 |2011年第27期|p.3883-3890|共8页
  • 作者单位

    Department of Economics, California State University-Sacramento, 6000 J Street, Tahoe Hall, Sacramento, CA 95819, USA;

    Department of Economics, University of New Hampshire, 15 College Road, Durham, NH 03824, USA;

  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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