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The Evolution Of Real Gdp Per Capita In Developed Countries

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  • Ivan O. KITOV
Abstract
The growth rate of real GDP per capita is represented as a sum of two components � a monotonically decreasing economic trend and fluctuations related to the change in some specific age population. The economic trend is modeled by an inverse function of real GDP per capita with a constant numerator. Statistical analysis data from 19 selected OECD countries for the period between 1950 and 2007 shows a very weak linear trend in the annual increment of GDP per capita for the largest economies: the USA, Japan, France, and Italy. The UK, Australia, and Canada show a larger positive linear trend in annual increments. The fluctuations around relevant mean increments are characterized by practically normal distribution (with Levy tails). Developing countries demonstrate annual GDP per capita increments far below those for the studied developed economies. This indicates an underperformance in spite of large relative growth rates.

Suggested Citation

  • Ivan O. KITOV, 2009. "The Evolution Of Real Gdp Per Capita In Developed Countries," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 4(2(8)_ Sum).
    • Handle: RePEc:ush:jaessh:v:4:y:2009:i:2(8)_summer2009:61
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    References listed on IDEAS

    as
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    8. Jones, Charles I., 2005. "Growth and Ideas," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 16, pages 1063-1111, Elsevier.
    9. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    10. Galor, Oded, 2005. "From Stagnation to Growth: Unified Growth Theory," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 4, pages 171-293, Elsevier.
    11. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
    12. Ivan Kitov, 2005. "Modelling the transition from a socialist to capitalist economic system," Economics Bulletin, AccessEcon, vol. 28(11), pages 1.
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    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Decaying economic growth in EU as an economic argument for Brexit
      by Ivan Kitov in Economics as Classical Mechanics on 2016-05-10 18:32:00
    2. On the decaying rate of economic growth in the USA
      by Ivan Kitov in Economics as Classical Mechanics on 2016-05-10 16:21:00
    3. Growth rate of the GDP per capita revisited. 1. Comparison of the TED 2013 and Maddison Project Database 2020
      by Ivan Kitov in Economics as Classical Mechanics on 2020-12-12 11:35:00
    4. Growth rate of the GDP per capita revisited. 3. The results from 2007, 2009, and 2012 revisited. The model
      by Ivan Kitov in Economics as Classical Mechanics on 2020-12-13 11:01:00

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    Cited by:

    1. Ivan Kitov & Oleg Kitov, 2011. "Employment, unemployment and real economic growth," Papers 1109.4399, arXiv.org.
    2. Kitov, Ivan, 2012. "Why price inflation in developed countries is systematically underestimated," MPRA Paper 39059, University Library of Munich, Germany.
    3. Kitov, Ivan & Kitov, Oleg, 2012. "Real GDP per capita since 1870," MPRA Paper 39021, University Library of Munich, Germany.
    4. Kitov, Ivan & Kitov, Oleg, 2010. "S&P 500 returns revisited," MPRA Paper 21733, University Library of Munich, Germany.

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