Key points are not available for this paper at this time.
The Australian growth experience appears to be a three‐act phenomenon with higher per capita income and living standards before 1890 and after 1940, disconnected by a 50‐year period of no trend improvement in between. This article examines the roles of technological progress and population growth in Australian productivity growth since 1870. The empirical results confirm the three‐act growth experience by Australia, and while population growth had a negative effect, innovative activity had a positive effect on productivity growth. Furthermore, the estimates strongly support the Schumpeterian growth hypothesis, which predicts that productivity growth is driven by the level of research intensity in the economy.
Rajabrata Banerjee (Mon,) studied this question.