COMPARATIVE ECONOMIC-GROWTH - EVIDENCE AND INTERPRETATION

This paper reviews the major facts of comparative per capita economic growth over the 1960-88 period, drawing attention to the unprecedented rates of growth achieved by the fastest-growing economies and the consequent unprecedented variation in economic growth across countries. The paper also discusses the major economic explanations for cross-country variations, including traditional capital accumulation, technological 'catch-up' and endogenous technological change, demographic change in combination with natural resource depletion, human capital investment, and government policy. All of these factors have explanatory power, but much of the variation remains poorly understood.