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This paper uses panel data for 19 OECD countries and finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The empirical work relies upon some direct measures of product variety calculated from 6-digit OECD export and import data. Although the issue is still far from being settled, the emerging conclusion is that the index of relative product variety across countries is significantly correlated with relative per capita income levels.

Exports and Imports --- Labor --- Macroeconomics --- 'Panel Data Models --- Spatio-temporal Models' --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- Personal Income, Wealth, and Their Distributions --- Trade: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- International economics --- Labour --- income economics --- Personal income --- Exports --- Human capital --- National accounts --- International trade --- Income --- United States --- Income economics --- Panel Data Models --- Spatio-temporal Models

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Microeconomics --- Investment management

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The paper discusses the impact and implications of Korean unification by setting up a two-region endogenous growth model. The numerical solutions are based on the formal analytical model, and have been calibrated so that they reflect the observed features of the North and South Korean economies. The numerical solutions provide evidence about the speed of convergence and the large amount of interregional transfers that are required to make the North Korean economy economically viable.

Budgeting --- Infrastructure --- Labor --- Macroeconomics --- Public Finance --- Fiscal Policies and Behavior of Economic Agents: Household --- Publicly Provided Goods: General --- Aggregate Factor Income Distribution --- National Budget --- Budget Systems --- Taxation, Subsidies, and Revenue: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Wages, Compensation, and Labor Costs: General --- Budgeting & financial management --- Public finance & taxation --- Labour --- income economics --- Income --- Capital budget --- Revenue administration --- Wages --- National accounts --- Public financial management (PFM) --- Budget --- Revenue --- Saving and investment --- Korea, Republic of --- Income economics

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Zonder onderwerpscode: economie

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Zonder onderwerpscode: economie