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American Economic Journal: Macroeconomics: Vol. 2 No. 1 (January 2010)

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The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital

Article Citation

Jones, Charles I., and Paul M. Romer. 2010. "The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital." American Economic Journal: Macroeconomics, 2(1): 224-45.

DOI: 10.1257/mac.2.1.224

Abstract

In 1961, Nicholas Kaldor highlighted six "stylized" facts to summarize the patterns that economists had discovered in national income accounts and to shape the growth models being developed to explain them. Redoing this exercise today shows just how much progress we have made. In contrast to Kaldor's facts, which revolved around a single state variable, physical capital, our updated facts force consideration of four far more interesting variables: ideas, institutions, population, and human capital. Dynamic models have uncovered subtle interactions among these variables, generating important insights about such big questions as: Why has growth accelerated? Why are there gains from trade? (JEL D01, E01, E22, E23, E24, J11)

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Authors

Jones, Charles I. (Stanford U)
Romer, Paul M. (SIEPR, Stanford U)

JEL Classifications

D01: Microeconomic Behavior: Underlying Principles
E01: Measurement and Data on National Income and Product Accounts and Wealth
E22: Capital; Investment; Capacity
E23: Macroeconomics: Production
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
J11: Demographic Trends and Forecasts; General Migration

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