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Why Do Some Countries Produce so Much More Output Per Worker than Others?
Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain theExpand
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R&D-Based Models of Economic Growth
This paper argues that the 'scale effects' prediction of many recent R&D-based models of growth is inconsistent with the time-series evidence from industrialized economies. A modified version of theExpand
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Time Series Tests of Endogenous Growth Models
According to endogenous growth theory, permanent changes in certain policy variables have permanent effects on the rate of economic growth. Empirically, however, U. S. growth rates exhibit no largeExpand
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Too Much of a Good Thing? The Economics of Investment in R&D
Research and development is a key determinant of long-run productivity and welfare. A central issue is whether a decentralized economy undertakes too little or too much R&D. We develop an endogenousExpand
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The Value of Life and the Rise in Health Spending
Health care extends life. Over the past half century, Americans spent a rising share of total economic resources on health and enjoyed substantially longer lives as a result. Debate on health policyExpand
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Sources of U.S. Economic Growth in a World of Ideas
Rising educational attainment and research intensity in recent decades suggest that the U.S. economy is far from its steady state. This paper develops a model reconciling these facts with theExpand
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Growth: With or Without Scale Effects?
December 15, 1998 -- Version 1.0 The property that ideas are nonrivalrous leads to a tight link between idea-based growth models and increasing returns to scale. In particular, changes in the size ofExpand
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Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries
This paper examines the role of sectors in aggregate convergence for fourteen OECD countries during 1970-87. The major finding is that manufacturing shows little evidence of either labor productivityExpand
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Productivity across industries and countries : time series theory and evidence
The authors examine whether convergence in aggregate productivity is also occurring at the industry level in fourteen OECD countries from 1970 to 1987. Using both cross-section and time-seriesExpand
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Measuring the Social Return to R&D
Is there too much or too little research and development (R&D)? In this paper we bridge the gap between the recent growth literature and the empirical productivity literature. We derive in a growthExpand
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