scholarly journals Technical change and US economic growth: the interwar period and the 1990s

2010 ◽  
pp. 89-117 ◽  
Author(s):  
Alexander J. Field
Keyword(s):  
Economic Growth ◽  
Interwar Period ◽  
Technical Change

Impacts of Environmental Regulation on Sustainable Economic Growth

2018 ◽  
Vol 9 (9) ◽  
pp. 749-773
Author(s):  
Jonathan Fisher
Keyword(s):  
Economic Growth ◽  
Environmental Regulation ◽  
Technical Change ◽  
Best Practice ◽  
Environmental Regulations ◽  
The European Union ◽  
Porter Hypothesis ◽  
The United Kingdom ◽  
Environment Agency ◽  
Sustainable Economic Growth

There is considerable concern and debate about the economic impacts of environmental regulations. Jonathan Fisher, former Economics Manager at the Environment Agency in England and Wales, reviews the available evidence on this subject. Section 2 presents estimates of the costs and benefits of environmental regulations. Section 3 examines the impacts of environmental regulations on economic growth, innovation and technical change as well as impacts on competitiveness and any movement of businesses to less pollution havens. He questions call for greater certainty regarding future environmental regulations, whereas in fact there should be calls for less uncertainty. This section then suggests how this could be achieved. This section then finishes with an overview of the available evidence. This includes an examination of the Porter Hypothesis that environmental regulations can trigger greater innovation that may partially or more than fully offset the compliance costs. Section 4 then sets out principles for how better environmental regulation can improve its impacts on sustainable economic growth and illustrates how the European Union (EU) Water Framework Directive is a good example of the application of these principles in practice. Section 5 reviews current and recent political perspectives regarding developments in environmental regulations across the EU and shows how the United Kingdom (UK) has successfully positively managed to influence such developments so that EU environmental regulations now incorporate many of these principles to improve their impacts on economic growth. Section 5.1 then examines the implications of Brexit for UK environmental regulations. Finally, Section 6 sets out some best practice principles to improve the impacts of environmental regulation on sustainable economic growth, innovation and technical change.

To Raise the Golden Anchor? Financial Crises and Uncertainty During the Great Depression

1999 ◽  
Vol 59 (3) ◽  
pp. 624-658 ◽  
Author(s):  
J. Peter Ferderer ◽  
David A. Zalewski
Keyword(s):  
Economic Growth ◽  
Interest Rate ◽  
Great Depression ◽  
Interwar Period ◽  
Gold Standard ◽  
Financial Crises ◽  
Capital Flight ◽  
The Great Depression ◽  
Interest Rate Volatility

This study examines the interplay between financial crises, uncertainty, and economic growth during the interwar period. Comparing the experiences of ten countries, we provide evidence that reductions in the credibility of a country's commitment to the gold standard generated capital flight and higher interest rate volatility. This volatility, in turn, was inversely correlated with economic growth. These results suggest that financial crises helped propagate the Great Depression, in part, by increasing uncertainty.

R&D AND GROWTH: THE MISSING LINK?

2007 ◽  
Vol 11 (5) ◽  
pp. 691-714 ◽  
Author(s):  
ROBERTO M. SAMANIEGO
Keyword(s):  
Economic Growth ◽  
Empirical Evidence ◽  
Total Factor Productivity ◽  
Production Function ◽  
Technical Change ◽  
Patent Data ◽  
Factor Productivity ◽  
Missing Link ◽  
Predominant Factor ◽  
Key Driver

The presumption that R&D is a key driver of economic growth is difficult to reconcile with empirical evidence. For example, in most studies, which identify technical change with total factor productivity (TFP), the link between TFP and measures of knowledge is found to be weak.This paper shows that a reconciliation may be possible in a model where R&D contributes to growth through investment-specific technical change. Such a model predicts that the empirical link between knowledge and productivty would be weak even if the generation of knowledge is the predominant factor of economic growth. The paper also shows that estimates of the production function for knowledge using patent data may be biased.

Development as economic growth, 1956–

2017 ◽  
Author(s):  
John Toye
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Economic Development ◽  
Growth Model ◽  
Technical Change ◽  
Growth Accounting ◽  
Economic Sectors ◽  
Productivity Differentials ◽  
Factor Inputs ◽  
Related Technique

Economists often conflate the theory of economic development with the theory of economic growth. This practice has become increasingly popular since Robert Solow made elegant improvements to the Harrod–Domar growth model, but left it unclear whether it was meant to be applicable in developing countries. Solow’s model has one sector only and aggregates growth as increased GNP. It has no place for changes in the balance between economic sectors that characterize development. A related technique is growth accounting, which disaggregates growth into amounts generated by capital and labour inputs, and a residual attributed to technical change and all other influences on growth. The finding that the residual outweighs the effect of factor inputs is subject to measurement problems, and ignores the question of large productivity differentials between sectors.

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