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3 Eur. J. Econ. L. & Pol. 1 (2016)

handle is hein.journals/ejelp3 and id is 1 raw text is: European Journal of Contemporary Economics and Management May 2016 Edition Vol.3 No.1 ISSN: 2411-443X Endogenous Growth And Country Heterogeneity In Economic Growth: Evidence From Selected OECD Countries Maoguo Wu Shaokai Huang SHU-UTS STLC Business School, Shanghai University Doi: 10.19044/elp.v3nolal URL:http://dx.doi.orE/10.19044/elp.v3nolal Abstract Investment in human capital, innovation, and knowledge are significant contributors to economic growth. Theories of economic growth indicate that saving and investment are the main forces of economic growth. Nevertheless, empirical results are not unanimously consistent with theory. In addition, economic growth varies from country to country. Neglected country heterogeneity in cross-country empirical analysis can be spurious. Making empirical contribution, this paper attempts to address the abovementioned problems by empirically testing determinants of economic growth utilizing data from OECD countries. For comparison purposes, selected OECD countries are divided into two groups: richest economies and relatively less rich economies. Results of empirical estimation indicate that lagged investment and lagged saving play a negative role in economic growth. For both richest economies and relatively less rich economies, country heterogeneity influences economic growth. Keywords: Economic Growth, Endogenous Growth, Country Heterogeneity 1

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