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SOME CAVEATS IN MODELLING TECHNICAL PROGRESS AND INVESTMENT: THE CASE OF CHINA

SOME CAVEATS IN MODELLING TECHNICAL PROGRESS AND INVESTMENT: THE CASE OF CHINA Since the early 1990s, the number of studies using neoclassical models to understand the Chinese economy has mushroomed. In this paper, we review two examples of estimation of the rate of technical progress and one attempt at modelling investment. We identify their shortcomings and the problems with the alleged policy implications. We show that econometric estimation of neoclassical models may result in apparently sensible results for misinformed reasons. We conclude that modelling the Chinese economy requires a deeper understanding of its inner workings as a transition and as a developing economy. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of International Commerce, Economics and Policy World Scientific Publishing Company

SOME CAVEATS IN MODELLING TECHNICAL PROGRESS AND INVESTMENT: THE CASE OF CHINA

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Publisher
World Scientific Publishing Company
Copyright
Copyright ©
ISSN
1793-9933
eISSN
1793-9941
DOI
10.1142/S1793993311000324
Publisher site
See Article on Publisher Site

Abstract

Since the early 1990s, the number of studies using neoclassical models to understand the Chinese economy has mushroomed. In this paper, we review two examples of estimation of the rate of technical progress and one attempt at modelling investment. We identify their shortcomings and the problems with the alleged policy implications. We show that econometric estimation of neoclassical models may result in apparently sensible results for misinformed reasons. We conclude that modelling the Chinese economy requires a deeper understanding of its inner workings as a transition and as a developing economy.

Journal

Journal of International Commerce, Economics and PolicyWorld Scientific Publishing Company

Published: Dec 1, 2011

Keywords: China identity investment neoclassical model total factor productivity growth

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