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date: 15 December 2019

Abstract and Keywords

This article builds on the voluminous India-China literature, which still lacks a theoretical framework to understand India's and China's growth patterns. This article builds a simple theoretical model to understand India's and China's different growth patterns. An interesting stylized fact motivates this exercise: from 1985 to 2004—compared with India—China has had considerably higher rates of physical capital formation; much higher ratios of measured physical to human capital; and a more physical capital friendly public policy. To explain these facts, the article uses a one-sector growth model with two accumulating factors (physical capital [K] and human capital [H]).

Keywords: theoretical model, growth pattern, Indian economy, physical capital formation, human capital, one-sector growth model

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