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THE WORLD BANK ECONOMIC REVIEW, VOL. 15, NO. 2, 225-227
© 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

Paul Romer

Stanford University

Abstract

When economists in the 1950s and 1960s used growth models to understand the experience of developing countries, they allowed for the possibility of technology differences between developing countries and the United States. But because they did not have a good theory for talking about the forces that determined the level of the technology—in the United States any more than in developing countries—technology factors tended to be pushed into the background in policy discussions.


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