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Understanding economic growth in the Northern Territory through the Solow Growth Model

Vahdat, Matteen (2014) Understanding economic growth in the Northern Territory through the Solow Growth Model. Honours thesis, Murdoch University.

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Abstract

The Northern Territory is a unique jurisdiction that defies the Australian average in many ways. Recently, the smallest economy in the nation has experienced strong economic growth due to the expansion of the resources sector. The neoclassical growth model which was pioneered by Robert Solow (1956) proposes that sustained economic growth is almost entirely dependent on productivity growth. The central question becomes whether or not the Northern Territory’s remarkable economic growth is sustainable in the long run. To answer this question the thesis estimates total factor productivity growth for the Northern Territory using the methodology employed by Krugman (1994) and Young (1994). This is accompanied by an outline of the model and its assumptions, a review of similar studies, and a trend analysis of key economic indicators for the Northern Territory. The thesis will then explore the policy implications of the findings.

Publication Type: Thesis (Honours)
Murdoch Affiliation: School of Management and Governance
Supervisor: Taylor, Ranald
URI: http://researchrepository.murdoch.edu.au/id/eprint/24809
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