The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital / Charles I. Jones, Paul M. Romer.

Format:

Book

Author/Creator:

Jones, Charles I.

Contributor:

National Bureau of Economic Research.

Romer, Paul M.

Series:

Working Paper Series (National Bureau of Economic Research) no. w15094.

NBER working paper series no. w15094

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2009.

Summary:

In 1961, Nicholas Kaldor used his list of six "stylized" facts both to summarize the patterns that economists had discovered in national income accounts and to shape the growth models that they were developing to explain them. Redoing this exercise today, nearly fifty years later, shows how much progress we have made. In contrast to Kaldor's facts, which revolved around a single state variable, physical capital, our six updated facts force consideration of four far more interesting variables: ideas, institutions, population, and human capital. Dynamic models have uncovered subtle interactions between these variables and generated important insights about such big questions as: Why has growth accelerated? Why are there gains from trade?

Notes:

Print version record

June 2009.