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A New View of Economic Growth$
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Maurice FitzGerald Scott

Print publication date: 1991

Print ISBN-13: 9780198287421

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287429.001.0001

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Growth Facts

Growth Facts

(p.40) 2 Growth Facts
A New View of Economic Growth

Maurice FitzGerald Scott

Oxford University Press

The stylized facts of growth are that the rate of growth of output and employment, the shares of wages and profits in income, and the rate of return to investment, are all constant. It greatly simplifies analysis to assume that this is so and that businesses expect it to be so, and that is at least a step forward from the normal assumption of static equilibrium or convergence on one. Furthermore, it is a reasonable approximation to past experience over periods of 10 to 30 years, abstracting from the trade cycle. Employment growth must be quality adjusted, in principle, weighting each worker by his or her relative marginal product, and this makes a big difference to measured productivity growth.

Keywords:   employment growth, output growth, productivity growth, profits share, quality‐adjusted employment, rate of return, static equilibrium, wages share

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