By Mark Granovetter, Richard Swedberg
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Extra resources for The Sociology Of Economic Life
Ramsey, E (1928). A mathematical theory of saving. Economic Journal 88:543-559. Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics 70(February):65-94. , and A. Heston. (1988). A new set of international comparisons of real product and price levels estimates for 130 countries, 1950-1985. Review of Income and Wealth 34(March):l-26. Uzawa, H. (1965). Optimal technical change in an aggregative model of economic growth. International Economic Review 6(January):18-31.
Is Growth Exogenous? Taking Mankiw, Romer, and Weil Seriously • 23 of estimating the MRW specification using more recent data and hence longer sample periods. 0). The end dates were chosen to minimize the effect of missing data at the end of the sample. Qualitatively the results are similar to those in Table 1; indeed, relative to the results for 1960-1985, R2 is somewhat higher for both sample periods and each group of countries. 01 for 1960-1995). 4 for the OECD sample. As we have noted, the high estimated values of the capital share obtained by MRW for the textbook Solow model led them to consider a variant of the Solow model in which human capital as well as physical capital is accumulated.
Figures 1-6 show scatterplots of the bivariate relationships between TFP growth and each of the three variates: SK, SH, and n. 65; the results for the smaller sample with directly estimated labor shares are quite similar, as the reader can verify from the regression results reported in Tables 11 and 12. Figures 1-3 show the results without a quality adjustment for the labor force; Figures 4-6 adjust laborforce quality by assuming a 7% return to a year of schooling. As suggested by the regression results, the weakest relationship is between TFP growth and schooling, especially when the human-capital correction is used (as expected).
The Sociology Of Economic Life by Mark Granovetter, Richard Swedberg