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Wiley InterScience | |||||||||||||
  MetroeconomicaVolume 56 Issue 3, Pages 360 - 392 Published Online: 6 Jul 2005 Journal compilation © 2010 Blackwell Publishing Ltd
Abstract | References | Full Text: PDF (Size: 210K) | Related Articles | Citation Tracking  WHY ARE SOME COUNTRIES RICHER THAN OTHERS? A SKEPTICAL VIEW OF MANKIW–ROMER–WEIL's TEST OF THE NEOCLASSICAL GROWTH MODEL Copyright Blackwell Publishing Ltd 2005 ABSTRACT
This paper provides evidence of a problem with the influential testing and assessment of Solow's (1956) growth model proposed by Mankiw et al. (1992). It is shown that when the assumption of a common rate of technical progress is relaxed in the neoclassical model, the goodness of fit of Mankiw et al.'s equation improves dramatically. However, and more importantly, it is shown that this result, as well as the magnitude of estimates obtained, merely reflects a statistical artifact. This has serious implications for the possibility of actually testing Solow's growth model. (November 2003; revised July 2004) | 
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