Template-type: ReDIF-Article 1.0
Author-Name: Senay Acikgoz
Author-X-Name-First: Senay
Author-X-Name-Last: Acikgoz
Author-Homepage: 
Author-Workplace-Name: Gazi University and Rensselaer Polytechnic Institute
Author-Workplace-Homepage: 
Author-Name: Merter Mert
Author-X-Name-First: Merter
Author-X-Name-Last: Mert
Author-Workplace-Name: Gazi University
Author-Workplace-Homepage: 
Title: Sources of growth revisited: The importance of the nature of technological progress
Abstract: Traditional sources of growth studies generally assume that the nature of technological
	progress is Hicks-neutral. However, the nature of technological progress compatible
	with steady state conditions is Harrod-neutral rather than Hicks-neutral. This study thus
	investigates sources of growth for Hong-Kong, the Republic of Korea, Singapore and
	Taiwan using the bounds testing procedure of Pesaran, Shin and Smith (2001) and the
	autoregressive distributed lag (ARDL) approach of Pesaran and Shin (1999). The robustness
	of the test results and parameter estimates are also justified by the fully modified ordinary
	least squares approach of Phillips and Hansen (1990). The results emphasize that the
	fundamental source of economic growth is technological progress in the short-run.
Classification-JEL: O30, O47, O57, C22
Keywords: economic growth, technological progress, the bounds testing approach, ARDL, FM-OLS
Journal: Journal of Applied Economics
Pages: 31-62
Number: 1
Volume: 17
Year: 2014
Month: May
File-URL: http://www.sciencedirect.com/science/journal/15140326/17/1
File-Format: application/pdf
File-Restriction: Online access is restricted to ScienceDirect
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Handle: RePEc:cem:jaecon:v:17:y:2014:n:1:p:31-62