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Il tasso naturale di crescita è davvero esogeno? (Is the Natural Rate of Growth Exogenous?)
Moneta e Credito
View Archive Info| Field | Value | |
| Title |
Il tasso naturale di crescita è davvero esogeno? (Is the Natural Rate of Growth Exogenous?)
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| Creator |
Leon-Ledesma, Miguel
Thirlwall, Anthony Philip |
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| Subject |
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Growth, Productivity O47 |
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| Description |
In mainstream growth theory, including endogenous growth theory, the natural rate of growth, as defined by Harrod, is still treated as exogenous. In practice, however, both the growth of the labour force and the growth of labour productivity are endogenous to demand. This has theoretical implications for the adjustment process between the actual, warranted and natural growth rates. It also has serious implications for the way in which the growth process is viewed: whether from the supply side or demand side. It is shown for a sample of 15 OECD countries 1961-95 that the natural rate of growth has been very responsive to the actual growth rate, and it is argued that for most countries demand constraints operate long before supply capacity is reached. JEL Codes: O47Keywords: Growth, Productivity
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| Publisher |
Associazione Economia civile
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| Contributor |
—
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| Date |
2012-04-19
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Articolo peer-review |
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| Format |
application/pdf
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| Identifier |
http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9801
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| Source |
Moneta e Credito; Vol 53, N° 211 (2000)
Moneta e Credito; Vol 53, N° 211 (2000) 2037-3651 |
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| Language |
ita
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| Relation |
http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9801/9686
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| Rights |
Copyright (c) 2016 Miguel Leon-Ledesma, Anthony Philip Thirlwall
http://creativecommons.org/licenses/by-nc-nd/4.0 |
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