Wednesday, March 9, 2011

Jones and Romer's Stylized Facts

Actually this very readable article is titled: "The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital". Kaldor proposed six "stylized facts" about the economic growth process. Jones and Romer propose six new ones. They are (in bold with my comments in plain text after them):1) Increases in the extent of the market. Increased flows of goods, ideas, finance, and people—via

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