Economics, Econometrics and Finance
8 years ago

Minimal impact: Technical progress plays small role in Romania's economic growth.

Romanian Journal of Economic Forecasting
Technical Change as Exogenous or Endogenous Factor in the Production Function Models. Empirical Evidence from Romania
Gheorghe Zaman, Zizi Goschin

Paper Summary

Technical change is important for economic growth. Researchers in Romania studied how technical progress affects economic growth from 1990 to 2007. They used a production function model to estimate the impact of production factors. The results show that technical progress only had a small contribution to economic growth during this period.

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