Capital accumulation, capital-output ratios and total factor productivity in Singapore
Capital, together with labor, land and technology, are the key factors of production.Various growth theories relate the growth of capital to the growth of output. In Rostow’s growth model, an increase of investment rate to 10% or more is necessary before growth can gather enough momentum to take...
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| Format: | Book Chapter |
| Language: | English |
| Published: |
World Scientific
2015
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/105406 http://hdl.handle.net/10220/26225 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Capital, together with labor, land and technology, are the key factors
of production.Various growth theories relate the growth of capital to
the growth of output. In Rostow’s growth model, an increase of
investment rate to 10% or more is necessary before growth can
gather enough momentum to take-off. In the Harrod-Domar model,
the growth rate of national output is equal to the growth rate of capital.
In Lim’s S-Curve hypothesis (1996, 2004), the rapid accumulation
of physical capital is an important driver behind the superlative
growth of the Newly Industrializing Economies (NIEs). De Long and
Summers (1991, 1993) have also shown that investment in machinery
and equipment has a strong association with growth. |
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