부산대학교 도서관

The article presents a theoretical framework for empirical growth analysis. During the past decade, there has been a tremendous advance in the understanding of economic development. On the one hand, the theoretical understanding of economic growth has progressed on various fronts, including among other topics of concern the investigation of endogenous technical innovation and increasing returns to scale; the interaction of population, fertility, human capital, and growth; international spillovers in technology and capital accumulation; and the role of institutions. The results are reasonably robust at the level of broad concepts, but it is quite possible that future research will indicate less robustness with regard to the specific variables used to measure these concepts. For example, better measures of fiscal policy or openness might supplant the particular specifications of the variables that has been used in the regression estimates. Regarding future research, cross-country growth studies require much better measures of human-capital attainment and an improved theoretical framework concerning the dynamics of human-capital accumulation, especially for the poorer countries where the measurement problems are the greatest and where bottlenecks in human-capital accumulation appear to be crucial factors in the success or failure of economic development.