haku: @author Villanueva, D. / yhteensä: 3
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| Tekijä: | Villanueva, D. |
| Otsikko: | Openness, human development, and fiscal policies: effects of economic growth and speed of adjustment |
| Lehti: | Staff Papers
1994 : MAR, VOL. 41:1, p. 1-29 |
| Asiasana: | FISCAL POLICY ECONOMIC GROWTH DEVELOPMENT |
| Kieli: | eng |
| Tiivistelmä: | The model developed here postulates that learning through experience raises labour productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth increases, and enhanced learning further reduces adjustment time. Third, both steady-state growth and the optimal net rate of return to capital are higher than the sum of exogenous rates of technical change and population growth. |
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