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All Journal Signifikan : Jurnal Ilmu Ekonomi ETIKONOMI
N. Haidy Ahmad Pasay
Universitas Indonesia
Economics, Econometrics & Finance

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Semi-Endogenous Growth Model for Developing Countries: A Modification to Jones Model Hari Nugroho; N. Haidy Ahmad Pasay; Arie Damayanti; Maddaremmeng A Panennungi
Signifikan: Jurnal Ilmu Ekonomi Vol 8, No 1 (2019)
Publisher : Faculty of Economic and Business Syarif Hidayatullah State Islamic University of Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (949.66 KB) | DOI: 10.15408/sjie.v8i1.9136

Abstract

Semi-endogenous growth model emphasizes human capital accumulation and technological advances in supporting economic growth. While most countries in the world lack the ability to accumulate their human capital and advance in technology, the privilege of research and development lies on part of developed nations. The increase in the stock of knowledge can come from different interactions with other countries in the world. But the crucial point to make is what underlies these differences among nations in the world. This study modifies Jones model by embedding characteristics that different countries in the world. Such an attempt is directed to produce a more general model of semi-endogenous growth to be applicable to all countries in the world. The end result of this study is to present a more general model that will be easily applicable to different countries in the world.
Institutions as the Main Determinant in Economic Growth Hari Nugroho; N. Haidy Ahmad Pasay; Arie Damayanti; Maddaremmeng Andi Panennungi
ETIKONOMI Vol 18, No 1 (2019)
Publisher : Faculty of Economic and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (495.615 KB) | DOI: 10.15408/etk.v18i1.8242

Abstract

The studies on human capital and technological progress have given incredible insights on how countries in the world differ from one another. Yet there are more than those two reasons to account for differences among countries. There is a third reason why a country would differ in terms of its economic development progress, namely institutional factors. Hence developing institutional indices would give a deeper explanation than a mere theory. On the other hand, we can corroborate the institutional index with the general theory that low-quality institutions will impact an economy negatively. This study seeks to broaden the understanding of causes of economic growth by incorporating institutional index into a semi-endogenous growth model and finds a relationship between that index with human capital and technological progress.JEL Classification: E01, E02, O43
Co-Authors Arie Damayanti Hari Nugroho Maddaremmeng A Panennungi Maddaremmeng Andi Panennungi