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The long-awaited second edition of an important textbook on economic growth—a major revision incorporating the most recent work on the subject. This graduate level text on economic growth surveys neoclassical and more recent growth theories, stressing their empirical implications and the relation of theory to data and evidence. The authors have undertaken a major revision for the long-awaited second edition of this widely used text, the first modern textbook devoted to growth theory. The book has been expanded in many areas and incorporates the latest research. After an introductory discussion of economic growth, the book examines neoclassical growth theories, from Solow-Swan in the 1950s ...
Why do economies grow? What fixes the long-run rate of growth? These are some of the simplest, but also hardest, questions in economics. Growth of lack of it has huge consequences for a country's citizens. But for various reasons, growth theory has had long fallow patches. Happily, this is changing. In 1956 Robert Solow developed what became the standard neo-classical model of economic growth. Counties grow, on this theory, by accumulating labour and capital. Adding either obeys diminishing returns: the more labour or capital you already have, the more you need for a further given jump in output. One consequence is that an economy with less capital ought to outgrow one with more. Generally, ...
Some natural resources-oil and minerals in particular-exert a negative and nonlinear impact on growth via their deleterious impact on institutional quality. We show this result to be very robust. The Nigerian experience provides telling confirmation of this aspect of natural resources. Waste and poor institutional quality stemming from oil appear to have been primarily responsible for Nigeria's poor long-run economic performance. We propose a solution for addressing this resource curse which involves directly distributing the oil revenues to the public. Even with all the difficulties that will no doubt plague its actual implementation, our proposal will, at the least, be vastly superior to the status quo. At best, however, it could fundamentally improve the quality of public institutions and, as a result, durably raise long-run growth performance.
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This paper analyses the role of social safety nets in the form of redistributional transfers and wage subsidies. It is argued that public welfare programs can be viewed as a crime-preventing or disruption-preventing devices because they tend to increase the opportunity cost of engaging in crime or disruptive activities. It is shown that, in the presence of a leisure choice, wage subsidies may be better than pure transfers. Using a simple growth model, the optimal size of the public welfare program is found and it is argued that public welfare should be financed with income (not lump-sum) taxes, despite the fact that income taxes are distortionary. The intuition for this result is that income taxes act as a user fee on congested public goods and transfers can be thought of as productive public goods subject to congestion. Finally, using a cross-section of 75 countries, the partial correlation between transfers and growth is shown to be significantly positive.
The World Economic Forum’s annual Global Competitiveness Report evaluates the potential for sustained economic growth of over 130 developed and emerging economies and ranks them accordingly. Since its first release in 1979, the Report has become the most authoritative and comprehensive study of its type. The 2007-2008 Report contains: • Detailed country competitiveness profiles of 131 economies • Data tables for survey and hard data variables ranking profiled economies • Global rankings: the Global Competitiveness Index and the Business Competitiveness Index, measuring growth and productivity, respectively • Exclusive data from the Executive Opinion Survey, with over 11,000 responses from business leaders worldwide. Produced in collaboration with a distinguished group of international scholars and a global network of over 130 leading national research institutes and business organizations, the Report also showcases the latest thinking and research on issues of immediate relevance for business leaders and policy-makers.
"Problems and solutions by Cecilia Garcâia-Peänalosa in collaboration with Jan Boone, Chol-Won Li, and Lucy White." Includes bibliographical references (p. [665]-687) and index.
In 2005, The Woman at the Washington Zoo was published to major critical acclaim. The late Marjorie Williams possessed ''a special voice, one capable not just of canny political observations but of tenderness and bracing intimacy,'' observed the New York Times Book Review. Now, in a collection of profiles with the richness of short fiction, Williams limns the personalities that dominated politics and the media during the final years of the twentieth century. In these pages, Clark Clifford grieves ''in his laborious baritone'' a bank scandal's blow to his re-pu-taaaaaay-shun. Lee Atwater likens himself to Ulysses and pleads, ''tah me to the mast!'' Patricia Duff sheds ''precipitous tears'' over her divorce from Ronald Perelman, resembling afterwards ''a garden refreshed by spring rain.'' Reputation illuminates our recent past through expertly drawn portraits of powerful - and messily human - figures.
Globalization has provoked passionate debate and street demonstrations reminiscent of May 1968. The central question of Europe and Globalization is 'what did Europe do for globalization in the past, and what is globalization doing for Europe today?' The contributors to the volume assess this complex process, and Europe's role within it. Bringing together a team of leading international scholars from different disciplinary backgrounds, this is a valuable and wide-ranging contribution to the debate.