ABSTRACT
This chapter provides an overview of the methodological approach for measuring economic growth, distribution, technical change, and the patterns of catching up and falling behind. Furthermore, it introduces and explores the dataset, the Extended Penn World Table 7.0, offering insights into the stylized facts on economic growth on a global perspective. The chapter is structured into four sections. The first covers national accounts from the income and expenditure sides, explaining the empirical variables and setting the foundation for our analysis. The second focuses on the measurement and representation of technical change. The third introduces the dataset and establishes its connection with previously discussed definitions, showing the change in ranking position in gross domestic product (GDP) between 1970 and 2019, providing a first tangible perspective on global economic changes. Finally, the fourth presents a worldwide perspective on economic growth, distribution, technical change, and capital accumulation, displaying the stylized facts about economic growth and differences between developed and developing nations. The key stylized facts include rising labor productivity; declining capital productivity, increasing capital-labor ratio; declining trend in the profit rates; and a positive correlation of capital accumulation with labor productivity growth and a negative correlation with capital productivity growth.
