Sources of U.S. Economic Growth in a World of Ideas
构建模型解释美国教育程度和研究强度上升但增长率稳定的现象,发现研究强度和教育程度解释了近期美国增长的80%,而世界人口增长贡献不足20%。
Rising educational attainment and research intensity in recent decades suggest that the U.S. economy is far from its steady state. This paper develops a model reconciling these facts with the stability of U.S. growth rates. In the model, long-run growth arises from the worldwide discovery of ideas, which depends on population growth. Nevertheless, constant growth can temporarily proceed at a faster rate, provided research intensity and educational attainment rise steadily over time. Growth accounting reveals that these factors explain 80 percent of recent U.S. growth, with less than 20 percent coming from world population growth.