On this basis, Weitzman correctly foresaw a decline in Soviet growth rates because per worker capital accumulation cannot sustain positive aggregate growth in a Solow framework. In other words, in the Soviet Union, increases in factor inputs explained most of economic growth. He estimated that the Solow residual was only in the range of 20%. Weitzman ( 1970) replicated the Solow model for the Soviet Union. Weitzman, we have a clue to how these might affect economic growth. However, less attention has been paid to the joint role of entrepreneurship and institutions in the growth process. Models of endogenous growth have also extended the framework to consider research and development, patents, and policy (Romer 1986 Aghion and Howitt 1992 Aghion 2017). Thus, the original notion of inputs generating outputs through an aggregate production function has been extended by more sophisticated measures of inputs, including human capital (Barro 1991), as well as more complex conceptualizations of the functional relationship and the factors underlying it (Barro and Sala-i-Martin 1995). But, explaining the determinants of, and measuring, this technological change has proved to be elusive. The remainder was unexplained, and he proposed that the large residual, 87% of the change in growth, represented technological change. Using an aggregate production function, Solow ( 1957) found that only around 13% of US growth in GDP was due to increases in measured inputs, labor, and capital.
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