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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


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