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- W2295362103 abstract "Production theory links economic growth to improvements in the quantity and quality of labor and capital. This paper draws upon a recent, information-rich data set to examine that linkage for African nations. In order to make capital quality an explicit and integral part of the analysis, the first section postulates capital to be heterogeneous by virtue of embodied technical progress. Consonant with that premise, it presents a paradigm that defines capital by vintage-by date of construction-and that permits the formation of capital and function aggregates from their vintage counterparts. The second section focuses on data, which are anchored by the Penn World Table (PWT). Representing a 1993 revision of earlier efforts by Robert Summers and Alan Heston,' this Mark 5.5 edition of PWT covers more than four dozen African nations over more than four decades. An essential addition to that file is the efficient capital stock, whose derivation from the underlying investment numbers is explained. In all, nine capital series are created for each country remaining in the study group. With the documentation of data complete, the third section turns attention to production characteristics of the individual countries. From those descriptions the similarities and differences among sovereignties become evident. Growth" @default.
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- W2295362103 date "1996-01-01" @default.
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- W2295362103 title "Economic Growth and Its Components in African Nations" @default.
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