The growth of relative output is decomposed into growth of capital, labour input, human capital and TFP. The paper also proposes a simple new method that takes advantage of the availability of the data on relative factor prices to separate the effect of increased share of well-educated workers and the effect of increased productivity of a more abundant educational group. The results suggest a massive contribution of TFP convergence in the GDP convergence. The accumulation of physical capital was sluggish, particularly before 2007.
- Catching up in Czech Republic, Hungary and Poland, Jan Witajewski-Baltvilks, "Bank & Credit", Vol. 47, No 4 (2016) - Read More