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THE WORLD BANK ECONOMIC REVIEW, VOL. 15, NO. 2, 221-224
© 2001 International Bank for Reconstruction and Development / The World Bank

Article

What have we learned from a decade of empirical research on growth? Comment on "It's Not Factor Accumulation: Stylized Facts and Growth Models," by William Easterly and Ross Levine

Pete Klenow

The Federal Reserve Bank of Minneapolis.

Abstract

William Easterly and Ross Levine document five stylized facts about growth and argue that they imply a bigger role for total factor productivity (TFP) and technology than for physical and human capital. I agree with the first four of their facts and believe facts 1 and 3 provide strong support for their conclusion that TFP should be the focus of growth research.


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