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Project Citation: 

Jones, Charles I., and Romer, Paul M. Replication data for: The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital. Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114166V1

Project Description

Summary:  View help for Summary In 1961, Nicholas Kaldor highlighted six "stylized" facts to summarize the patterns that economists had discovered in national income accounts and to shape the growth models being developed to explain them. Redoing this exercise today shows just how much progress we have made. In contrast to Kaldor's facts, which revolved around a single state variable, physical capital, our updated facts force consideration of four far more interesting variables: ideas, institutions, population, and human capital. Dynamic models have uncovered subtle interactions among these variables, generating important insights about such big questions as: Why has growth accelerated? Why are there gains from trade? (JEL D01, E01, E22, E23, E24, J11)

Scope of Project

JEL Classification:  View help for JEL Classification
      D01 Microeconomic Behavior: Underlying Principles
      E01 Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
      E22 Investment; Capital; Intangible Capital; Capacity
      E23 Macroeconomics: Production
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      J11 Demographic Trends, Macroeconomic Effects, and Forecasts


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