American Economic Journal: Macroeconomics
no. 1, January 2010
In 1961, Nicholas Kaldor highlighted six "stylized" facts to summarize
the patterns that economists had discovered in national income accounts and to shape the growth models being developed to explain them. Redoing this exercise today shows just how much progress we have made. In contrast to Kaldor's facts, which revolved around a single state variable, physical capital, our updated facts force consideration
of four far more interesting variables: ideas, institutions, population, and human capital. Dynamic models have uncovered subtle interactions among these variables, generating important insights about such big questions as: Why has growth accelerated? Why are there gains from trade? (JEL D01, E01, E22, E23, E24, J11)
Jones, Charles I., and Paul M. Romer.
"The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital."
American Economic Journal: Macroeconomics,
Microeconomic Behavior: Underlying Principles
Measurement and Data on National Income and Product Accounts and Wealth
Capital; Investment; Capacity
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
Demographic Trends and Forecasts; General Migration