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 factsabout growth and argue that they imply a bigger role for totalfactor productivity (TFP) and technology than for physical andhuman capital. I agree with the first four of their facts andbelieve facts 1 and 3 provide strong support for their conclusionthat TFP should be the focus of growth research.