IDEAS home Printed from https://ideas.repec.org/a/eee/streco/v68y2024icp86-97.html
   My bibliography  Save this article

When tolstoy meets leontief: luck, policies, and learning from miracles

Author

Listed:
  • Cherif, Reda
  • Hasanov, Fuad

Abstract

We show evidence that development “miracles,” such as the Asian Miracles, may not be that rare as the distribution of cross-country long-term growth follows a Power Law. We propose a growth theory, disantangling the role of policies from luck, which is consistent with this stylized fact and predicts that high growth depends on maintaining the best possible policies while not being too unlucky. We argue that miracles are all alike and every failure is a failure in its own way, suggesting that the few growth miracles hold more clues about good policies than the vast number of growth failures. We infer important implications for the study of economic development.

Suggested Citation

  • Cherif, Reda & Hasanov, Fuad, 2024. "When tolstoy meets leontief: luck, policies, and learning from miracles," Structural Change and Economic Dynamics, Elsevier, vol. 68(C), pages 86-97.
  • Handle: RePEc:eee:streco:v:68:y:2024:i:c:p:86-97
    DOI: 10.1016/j.strueco.2023.09.012
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0954349X23001303
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.strueco.2023.09.012?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Growth; Convergence; Economic development; Power law; Asian miracles;
    All these keywords.

    JEL classification:

    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:68:y:2024:i:c:p:86-97. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/525148 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.