By Leszek Balcerowicz, Stanley Fischer
ISBN-10: 0262025957
ISBN-13: 9780262025959
ISBN-10: 1429477202
ISBN-13: 9781429477208
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Additional info for Living Standards and the Wealth of Nations: Successes and Failures in Real Convergence
Example text
When TFP associated with modern technology reaches the critical value given by the above inequality, modern technology begins to be used. This marks the beginning of a country’s industrial revolution— namely, the long transition from a stagnating traditional economy to a modern industrial economy. 4) must be violated, so eventually every economy will start using the modern technology no matter how small is its E. This is because as long as an economy specializes in the traditional technology, the rental prices of capital and labor are essentially constant.
For the same reason, the unified theory is consistent with the fact that late starters have been able to double their incomes in far shorter times compared to early starters. Growth miracles are limited to the set of initially poor countries because a growth miracle in the theory requires a large increase in a country’s relative efficiency. A large increase in efficiency can occur only in a poor country with a currently low-efficiency parameter. This rules out a rich country, which by definition uses its resources efficiently.
The positive effect of polarization on Freedom House variables is most likely an indication that Freedom House evaluations take into account the difficulties presented by social polarization. The evaluations therefore appear to give more polarized countries 50 Some General Remarks on the Process of Catching Up the benefit of the doubt. 58. Removing this source of noise in the evaluations improves the precision of the Freedom House evaluations. The Effects of Democratic Institutions on Catch-Up These arguments have implications for convergence and ‘‘catch-up’’ effects.
Living Standards and the Wealth of Nations: Successes and Failures in Real Convergence by Leszek Balcerowicz, Stanley Fischer
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