and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch …-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …

and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch …-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …

and investment, we are able to capture many of the key empirical properties of Germany and Japan's postwar transitions …We consider a neoclassical interpretation of Germany and Japan's rapid postwar growth that relies on a catch …-up mechanism through capital accumulation where technology is embodied in new capital goods. Using a putty-clay model of production …

result of low investment. Latin America is poorer because of lower human capital levels and lower TFP-not because of a lower … business climate indicators converge rapidly. Poor countries without those attributes do not. We show that low investment is …