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This collection of Angus Maddison's work, which includes new essays, offers a comparative, quantitative analysis of the economic performance of nations, providing a clear view of why growth rates differ and why real income and productivity spreads are so wide. An autobiographical essay is included.
A rigorous, pathbreaking analysis demonstrating that a country's prosperity is directly related in the long run to the skills of its population. In this book Eric Hanushek and Ludger Woessmann make a simple, central claim, developed with rigorous theoretical and empirical support: knowledge is the key to a country's development. Of course, every country acknowledges the importance of developing human capital, but Hanushek and Woessmann argue that message has become distorted, with politicians and researchers concentrating not on valued skills but on proxies for them. The common focus is on school attainment, although time in school provides a very misleading picture of how skills enter into development. Hanushek and Woessmann contend that the cognitive skills of the population—which they term the “knowledge capital” of a nation—are essential to long-run prosperity. Hanushek and Woessmann subject their hypotheses about the relationship between cognitive skills (as consistently measured by international student assessments) and economic growth to a series of tests, including alternate specifications, different subsets of countries, and econometric analysis of causal interpretations. They find that their main results are remarkably robust, and equally applicable to developing and developed countries. They demonstrate, for example, that the “Latin American growth puzzle” and the “East Asian miracle” can be explained by these regions' knowledge capital. Turning to the policy implications of their argument, they call for an education system that develops effective accountability, promotes choice and competition, and provides direct rewards for good performance.
ÔNot only is this excellent collection of papers a fitting tribute to Angus Maddison, it is also a great resource for thinking about future patterns of global economic growth Ð both in the BRICS and the OECD Ð based on key insights from historical experience.Õ Ð Nicholas Crafts, University of Warwick, UK ÔAngus Maddison may no longer be with us, but his spirit is very much alive. This collection of essays Ð including one by Maddison himself Ð shows how the methods he pioneered continue to shed new light on the comparative performance of nations and inspire successive generations of scholars.Õ Ð Barry Eichengreen, University of California at Berkeley, US ÔThe distinguished editors, leading authorities in the field of comparative quantitative economic development, have gathered a stellar group of authors to address arguably the most challenging question of our time: understanding development dynamics over time and across countries. They are to be congratulated for this comprehensive, stimulating and insightful volume. It is a fitting tribute to the late Angus Maddison, an intellectual giant in the study of long-term economic development, to whom the book is dedicated.Õ Ð Hal Hill, Australian National University World economic performance over the last 50 years has been spectacular. The post-war period has witnessed impressive growth rates in Western Europe and Japan, and in recent times, China and India. This new book discusses these issues and tackles topical questions such as: what are the socio-economic and institutional factors that have contributed to this impressive performance? Will China and India continue to grow at the same rate over the next two decades? What are the prospects for Japan, the US and other advanced economies? The book brings together contributions by eminent scholars including the late Angus Maddison, Professors Justin Lin, Bob Gordon, Ross Garnaut, Bart van Ark and others to provide answers to these fascinating questions. The chapters analyse the economic performance of selected countries including China, India, Japan, Indonesia and the US, as well as Western Europe, Latin America and developing countries as a group. The time period of the study is from 1850 to the present and includes forecasts to 2030. This well-documented book will be of considerable interest to development economists and country specialists working on countries such as China and India, economic historians who are interested in explaining the growth performance of countries, economists and economic statisticians who are interested in the measurement issues, and international organizations such as the OECD, World Bank and the UN. General readers and non-specialists who are interested in the world economic performance will also find much to interest them in this book.
Making Poor Nations Rich illustrates the importance of institutions that support economic freedom and private property rights for promoting the form of productive entrepreneurship that leads to sustained increases in countries' standard of living.
Why do some nations fail while others succeed? How can we compare the political capacity of a totalitarian regime to a democracy? Are democracies always more efficient? The Performance of Nations answers these key questions by providing a powerful new tool for measuring governments’ strengths and weaknesses. Allowing researchers to look inside countries down to the local level as well as to compare across societies and over time, the book demonstrates convincingly that political performance is the missing link in measuring power and military capability. This groundbreaking work will be an essential resource for scholars, policymakers, and institutions interested in measuring the political capacities of nations and in knowing where foreign aid and investment will be most effective.
This text charts development economics as it evolved from Adam Smith to new or endogenous growth theory. Thirlwall is critical of the latter & its predecessor neo-classical growth theory, & tries to put back demand as a driving force in growth theory.
Unlike the 1950s and 1960s, when the rising tide of economic growth lifted most economies, the last three decades have been characterized by a paradox of greater international economic integration as well as divergent economic growth performances. The growing North-South gap of the last two centuries has been moderated recently by the better economic performance of China, India and others in East Asia, implying the expansion of the 'middle income' category. This volume of analytical studies seeks to explain these major differences in economic performance in recent decades by considering the dynamics of international economic growth, diverging growth rates, economic structures, and sources of demand, successes and collapses in the developing world, and recent episodes of real income stagnation of countries. Several chapters critically review recent misleading claims and the conventional wisdom regarding the relationship of trade liberalization, financial development, development, aid, infrastructure spending, violent conflict, good governance, and industrial policy to economic growth.
Unlike the 1950s and 1960s, when the rising tide of economic growth lifted most economies, the last three decades have been characterized by a paradox of greater international economic integration as well as divergent economic growth performances. The growing North-South gap of the last two centuries has been moderated recently by the better economic performance of China, India and others in East Asia, implying the expansion of the 'middle income' category. This volume of analytical studies seeks to explain these major differences in economic performance in recent decades by considering the dynamics of international economic growth, diverging growth rates, economic structures, and sources of demand, successes and collapses in the developing world, and recent episodes of real income stagnation of countries. Several chapters critically review recent misleading claims and the conventional wisdom regarding the relationship of trade liberalization, financial development, development, aid, infrastructure spending, violent conflict, good governance, and industrial policy to economic growth.
Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world.