“…In addition, residential investment may be a crucial supportive component of equipment investment in a poor developing country. Brito and Pereira () and Harris and Arku (, ), for example, identify a causality link that runs from residential investment to human capital accumulation and growth. It follows that equations and should be estimated with the total saving/fixed investment rate as the explanatory variable to capture the broad‐based concept of capital (physical and human capital) used in endogenous growth models (see Li, ).…”
Section: A Complementarity Hypothesis Of India's Growth Transitionsmentioning
This article develops a multiple‐regime, learning‐by‐doing model, in which technological progress and capital accumulation are complementary factors in long‐run growth transitions. The model accurately predicts India's long‐run growth transitions over the period 1953–2007, with the first phase (1980–2002) being ‘technology’ driven and the second phase (2003–2007) capital accumulation driven. Given the complementary nature between technological progress and capital accumulation, one of the main challenges facing Indian policy makers in the aftermath of the 2008 global financial crisis is to maintain high saving/fixed investment rates. The analysis also provides a critique of the ‘total factor productivity view’ of India's growth performance.
“…In addition, residential investment may be a crucial supportive component of equipment investment in a poor developing country. Brito and Pereira () and Harris and Arku (, ), for example, identify a causality link that runs from residential investment to human capital accumulation and growth. It follows that equations and should be estimated with the total saving/fixed investment rate as the explanatory variable to capture the broad‐based concept of capital (physical and human capital) used in endogenous growth models (see Li, ).…”
Section: A Complementarity Hypothesis Of India's Growth Transitionsmentioning
This article develops a multiple‐regime, learning‐by‐doing model, in which technological progress and capital accumulation are complementary factors in long‐run growth transitions. The model accurately predicts India's long‐run growth transitions over the period 1953–2007, with the first phase (1980–2002) being ‘technology’ driven and the second phase (2003–2007) capital accumulation driven. Given the complementary nature between technological progress and capital accumulation, one of the main challenges facing Indian policy makers in the aftermath of the 2008 global financial crisis is to maintain high saving/fixed investment rates. The analysis also provides a critique of the ‘total factor productivity view’ of India's growth performance.
“…Housing is closely related to the rest of economy. Nevertheless, as argued by Brito and Pereira (2002), the link between the housing market and long-term growth has been neglected in the literature.…”
“…There is a large literature on housing's spatial context (see for instance, Muth, 1969;Anas, 1978;Hockman and Pines, 1980;Brueckner, 1981;Arnott, 1987;Brueckner and Pereira, 1994;Arnott et al, 1999;Braid, 2001). Nevertheless, as argued by Brito and Pereira (2002), the link between the housing market and long-term growth has been neglected in the literature. This study examines not only interactions between housing growth, but also introduces transportation systems into the growth model.…”
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