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saving, investment, and growth: a causality test (165-175)

نویسنده:

(11 صفحه - از 165 تا 175)

کلیدواژه ها : causality ،Growth ،Investment ،saving

In the second half of the last century, tremendous efforts were devoted to identifying sources of economic success by a few countries and causes of failure by most. In this process a voluminous literature ranging from the neo-classical to Marxist, neo-Marxist, and dependency theories has been developed to answer the question of disparity among different countries of the north vis-à-vis those of the south. They all agree that accumulation of capital (social, human, and physical) was, is, and will remain one of the most significant problems of the third world countries —the south- for economic growth. Traditionally we have assumed that risks and profits drive investment, investment drives growth, and growth, in turn, is the driving force behind saving. More income leads to more savings. In this study, using Iranian data, a causality test has been performed to ascertain whether this sequence is true. We found it is not the case, and saving precedes investment. If so, macroeconomic policies must be directed as increasing saving to foster further investment and economic growth and not the other way around.

خلاصه ماشینی:

"They all agree that accumulation of capital (social, human, and physical) was, is, and will remain one of the most significant problems of the third world countries —the south- for economic growth. Nevertheless, even though the theorists have different ideological and methodological viewpoints, they all converge to the ability or inability of different countries to accumulate capital (social, physical, and human) and, as a result, different degrees of growth and, eventually, different developments levels are attained. [4] Development literature[5] also includes a large number of neo-Marxian books, articles, and monographs which maintain that not only free trade and foreign direct investment have not always benefited the third world countries[6], but also that in a majority of cases; they probably have contributed to their poverty. e. , they agree that accumulation of social and economic capital (physical and human) was, is, and will remain the most significant problem of ______________________________ [1]-One, therefore, needs to distinguish between the “Marxist” and “neo-Marist” who divides the countries into two groups: the “center” and the “periphery. From the economic point of view they cannot accumulate capital (social, human, and physical) because of low-income levels, which in turn, leads to low saving and hence low investments. ] V- Observations and Implications There is an agreement among economists of all persuasions that the main cause of meager economic growth and development in the south is due to their inability to invest and accumulate social and economic capital (social, physical, and human)."

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