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Asymmetric Growth and Institutions in an Interdependent World

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  • Daron Acemoglu
  • James A. Robinson
  • Thierry Verdier

Abstract

We present a model of technologically interconnected countries that benefit and potentially contribute to advances in the world technology frontier. Greater inequality between successful and unsuccessful entrepreneurs increases entrepreneurial effort and a country's contribution to that frontier. Under plausible assumptions, the world equilibrium is asymmetric, involving different economic institutions and technology levels for different countries. Some countries become technology leaders and opt for a type of "cutthroat" capitalism with greater inequality and innovations, while others free ride on the cutthroat incentives of the leaders and choose a more "cuddly" form of capitalism with greater social insurance for entrepreneurs.

Suggested Citation

  • Daron Acemoglu & James A. Robinson & Thierry Verdier, 2017. "Asymmetric Growth and Institutions in an Interdependent World," Journal of Political Economy, University of Chicago Press, vol. 125(5), pages 1245-1305.
    • Handle: RePEc:ucp:jpolec:doi:10.1086/693038
    DOI: 10.1086/693038
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