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The Hearty And Cheery State

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  • WALTER Y. OI

Abstract

Progress is usually defined by the growth rate of real per capita income. It is not a sufficient statistic but one that has to do. The extent to which the accumulation of ordinary human capital is responsible for progress is examined. There is, I contend, no place for a concept of entrepreneurial human capital in a positive theory of growth. Professional human capital appears to be a consequence of growth and not a causal force. In an uncertain world, there is no way to guarantee growth. The best that one can do is to create an environment in which individuals are guaranteed the freedom to pursue those activities that they judge to be in their best interest. (JEL O40)

Suggested Citation

  • Walter Y. Oi, 1999. "The Hearty And Cheery State," Contemporary Economic Policy, Western Economic Association International, vol. 17(1), pages 138-146, January.
    • Handle: RePEc:bla:coecpo:v:17:y:1999:i:1:p:138-146
    DOI: 10.1111/j.1465-7287.1999.tb00669.x
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    References listed on IDEAS

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    1. Michael Kremer, 1993. "Population Growth and Technological Change: One Million B.C. to 1990," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 108(3), pages 681-716.
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    4. Loewenstein, George F & Sicherman, Nachum, 1991. "Do Workers Prefer Increasing Wage Profiles?," Journal of Labor Economics, University of Chicago Press, vol. 9(1), pages 67-84, January.
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    Cited by:

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    3. Henry Vega, 2008. "Transportation Costs of Fresh Flowers: A Comparison across Major Exporting Countries," IDB Publications (Working Papers) 48178, Inter-American Development Bank.

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    More about this item

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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