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- Title
Equipment investment and economic growth: Reply.
- Authors
De Long, J. Bradford; Summers, Lawrence H.
- Abstract
This article comments on the article "Equipment Investment and Economic Growth," by J. Bradford De Long and Lawrence H. Summers, published in the August 1994 issue of "The Journal of Economics." The author says that during the sample period Botswana experienced by far the fastest growth in gross domestic product per worker among the 61 countries and had the largest share of equipment investment. The author says that according to some economists his analysis is flawed because even the high productivity sample includes several newly industrialized countries that grew rapidly over 1960-1985. He says that some economists have said that the nations that make up the OECD do not show a strong relationship between growth and equipment investment. According to the author, the OECD is not an economic grouping, it is a political grouping. The author says that if it was desirable to examine a set of industrial nations most like the United States the appropriate procedure is to select, on econometric rather than political grounds.
- Subjects
ECONOMIC development; INDUSTRIAL equipment; DE Long, J. Bradford; SUMMERS, Lawrence H., 1954-; GROSS domestic product; INVESTMENTS; INDUSTRIAL productivity; FINANCE
- Publication
Quarterly Journal of Economics, 1994, Vol 109, Issue 3, p803
- ISSN
0033-5533
- Publication type
Article
- DOI
10.2307/2118423