The internal dynamic of Indian economic growth

Autor:	Mausumi Das, M Parameswaran, Pulapre Balakrishnan
Rok vydání:	2017
Předmět:	Macroeconomics Economics and Econometrics Returns to scale Cointegration 05 social sciences Circular cumulative causation Term (time) 0502 economics and business Economics 050207 economics Finance 050205 econometrics Rate of growth Positive feedback
Zdroj:	Journal of Asian Economics. 50:46-61
ISSN:	1049-0078
DOI:	10.1016/j.asieco.2017.03.002
Popis:	A stylised fact of Indian economic history since 1950 is that the rate of growth of the economy has accelerated periodically and across policy regimes. In this paper we present a theoretical framework that can generate such a pattern due to cumulative causation through positive feedback. The growth process is then investigated using cointegration analysis. We are able to establish the existence of positive feedback which is at the centre of cumulative causation. We are also able to date the onset of this mechanism which has driven growth in India for close to half a century by now. This leads us to conclude that the internal dynamics are at least as important as the policy regimes to understand growth over the long term in this country.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5e82dcf75213859538b4d0c29e4eca63 https://doi.org/10.1016/j.asieco.2017.03.002 Zobrazit plný text záznamu Full Text from ScienceDirect