"New" and innovative factors of economic growth

Wood, Kerry P. (1994). "New" and innovative factors of economic growth Honours Thesis, School of Economics, The University of Queensland.

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Author Wood, Kerry P.
Thesis Title "New" and innovative factors of economic growth
School, Centre or Institute School of Economics
Institution The University of Queensland
Publication date 1994-01-01
Thesis type Honours Thesis
Supervisor Mr Phil Bodman
Total pages 129
Language eng
Subjects 14 Economics
Formatted abstract
"New" factors of economic growth are discussed in an attempt to explain recent economic performance in Australia and elsewhere. Three highly complementary factors are central to the study: human capital, research and development, and trade integration.

An aggregate production function is estimated using the most recent cointegrating techniques appropriate for estimating long-run relationships. The empirical results suggest that the growth of output experienced in Australia over the previous three decades has been due to the accumulation of business sector capital - the only measure of capital included in most empirical studies - in addition to the accumulation of human capital (which is complementary to research and development), unskilled labour and increased trade integration within the APEC forum.

Subsequent policy recommendations are outlined.

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Created: Fri, 19 Nov 2010, 03:10:27 EST by Muhammad Noman Ali on behalf of The University of Queensland Library