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Are High Real Interest Rates Bad for World Economic Growth?
The conventional wisdom says yes. But close examination suggests the answer is not nearly so clear-cut.
Human Capital
Covers issues of demography and development in the Middle East, the capital value of rising populations, the workings of the labor market, and the impact of migration and urbanization on the region.
Building on Progress
Countries in the Middle East and North Africa region have unprecedented opportunities for transforming their economies through accelerated economic growth, but the countries themselves must ensure the necessary conditions. This study, by the Middle Eastern Department, focuses on four areas that are fundamental to growth-enhancing structural changes: improving the region's investment performance, fiscal reform, financial sector reform, and trade liberalization.
Knowledge: Its Creation, Distribution and Economic Significance, Volume III
Volume III examines in clear and elegant prose the roles of knowledge and information in economics. Part One analyzes the effects of new or uncertain information on market performance; examines the formation and revision of expectations; and provides a classification of literature and an extensive bibliography. Part Two discusses private and social valuations of education and training, the controversy over nature vs. nurture," the issue of "credentialism," and the depreciation of human capital. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Lessons from the Heterodox Stabilization Programs
Heterodox stabilization programs are more successful in chronic high inflation countries because only there can the benefits from achieving a rapid initial reduction in inflation outweigh the costs of tampering with price and wage controls. While the heterodox phase is effective in blocking inflation initially, success depends on a long- term commitment to the orthodox part of the program and the readiness to accept the unavoidable costs of disinflation.
Political-Economy Arguments for Uniform Tariff
In recent years uniform tariffs have become increasingly popular but economists have not formulated a rationale that demonstrates their superiority to alternative tariff structures. Do strong political economy arguments exist that favor uniform tariffs?
Daily Report
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