Economic Growth (3rd Edition) by David Weil

By David Weil

Why are a few international locations wealthy and others bad? David N. Weil, one of many most sensible researchers in financial progress, introduces scholars to the newest theoretical instruments, facts, and insights underlying this pivotal query. by way of displaying how empirical facts relate to new and previous theoretical principles, monetary progress offers scholars with a whole creation to the self-discipline and the newest study.

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Clearly, productivity is important. But what determines productivity? Why is Freedonia’s productivity so much higher than Sylvania’s? To tackle this question, you convene your entire staff for a brainstorming session. One staff member suggests that perhaps the reason a given amount of capital per worker in Sylvania produces so much less than in Freedonia is that Sylvania is backward in its technology—the available knowledge about how inputs can be combined to produce output. After all, she says, technological progress should enable a country to produce more output with the same amount of inputs.

The fact that so many countries have emerged from poverty—from the United States starting in the early 19th century to South Korea starting in the 1950s—is a hopeful sign for the billions of people who remain needy. Indeed, despite all of the economic problems in the world today, we are living through the greatest period of poverty alleviation in the history of the planet. For economists, the gaps between rich and poor countries, and the divergent experiences of countries that grew quickly and those that stagnated, present a set of puzzles.

Despite this impressive beginning, the Chinese economy stagnated. While Europe industrialized and spread its influence over the rest of the world, China became increasingly insular. Europe’s standard of living surpassed that of China sometime around 1750, and by time of the Opium Wars in the middle of the 19th century, China found itself defenseless before the onslaught of an industrialized Europe. 22 CHAPTER 1 The Facts to Be Explained One of Zheng He’s ships compared to one of Christopher Columbus’s ships.

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