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Total Factor Productivity Growth and the Role of Externalities

Published online by Cambridge University Press:  26 March 2020

Nicholas Oulton
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Abstract

This paper argues that the greater part of economic growth can be accounted for by the accumulation of human and physical capital. The role of externalities is relatively small. This view is defended by reviewing the most sophisticated growth accounting studies and also by presenting some new evidence on the growth of total factor productivity in 53 countries over the period 1965 to 1990.

Type
Articles
Information
National Institute Economic Review , Volume 162 , October 1997 , pp. 99 - 111
Copyright
Copyright © 1997 National Institute of Economic and Social Research

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