What have we learned from a decade of empirical research on growth? Comment on "It's Not Factor Accumulation: Stylized Facts and Growth Models," by William Easterly and Ross Levine

William Easterly and Ross Levine document five stylized facts about growth and argue that they imply a bigger role for total factor productivity (tfp) and technology than for physical and human capital. I agree with the first four of their facts and believe facts 1 and 3 provide strong support for their conclusion that tfp should be the focus of growth research.