The economics of growth has come a long way since it
regained center stage for economists in the mid-1980s.
Here for the first time is a series of country studies
guided by that research. The thirteen essays, by leading
economists, shed light on some of the most important
growth puzzles of our time. How did China grow so
rapidly despite the absence of full-fledged private
property rights? What happened in India after the early
1980s to more than double its growth rate? How did
Botswana and Mauritius avoid the problems that other
countries in sub - Saharan Africa succumbed to? How did
Indonesia manage to grow over three decades despite weak
institutions and distorted microeconomic policies and
why did it suffer such a collapse after 1997? What
emerges from this collective effort is a deeper
understanding of the centrality of institutions.
Economies that have performed well over the long term
owe their success not to geography or trade, but to
institutions that have generated market-oriented
incentives, protected property rights, and enabled
stability. However, these narratives warn against a
cookie-cutter approach to institution building.The
contributors are Daron Acemoglu, Maite Careaga, Gregory
Clark, J. Bradford DeLong, Georges de Menil, William
Easterly, Ricardo Hausmann, Simon Johnson, Daniel
Kaufmann, Massimo Mastruzzi, Ian W. McLean, Lant
Pritchett, Yingyi Qian, James A. Robinson, Devesh Roy,
Arvind Subramanian, Alan M. Taylor, Jonathan Temple,
Barry R. Weingast, Susan Wolcott, and Diego
Zavaleta. |
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