A Study on Economic Growth Convergence and Human Capital: Updating an Empirical Study

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October 2016
Paper author(s): 
Kaveh Dalvand
Macroeconomics - Economic growth - Monetary Policy

In this paper first the text book Solow model for growth has been considered. Taking the rates ofsaving and population growth as exogenous to correlate them with growth rates (GDP change has been consideredas a proxy for growth rate). Second, an augmented Solow model is used to include the accumulation of humancapital as well as physical capital and see the effect of it on the economic growth. And finally, examinine the predictions of the augmented Solow model for a behavior out of steady state condition. In this part, theassumption of decreasing returns of all capitals is left out so that there are no steady state for countries’ per capitaincome and differences in income per capita can persist indefinitely even if countries have the same savings and population growth rates. The time span that the data is gathered is from1986-2010


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