Groundbreaking Economic Growth Model Promises Prosperity for All Nations
The article "A Contribution to the Empirics of Economic Growth" by N. Gregory Mankiw, David Romer, and David N. Weil, published in May 1992, explores the factors that contribute to economic growth. The researchers analyzed data to understand how different variables, such as investment in physical and human capital, affect a country's economic growth over time. They found that investing in education and technology plays a crucial role in promoting economic growth. Additionally, they discovered that countries with higher initial levels of income tend to grow at a slower rate compared to countries with lower initial income levels.