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The Deep Determinants of Long-run Growth and Economic Development

In: Institutions and Market Economies

Author

Listed:
  • P. Dorian Owen
  • Clayton R. Weatherston

Abstract

As conventionally measured by per capita GDP (gross domestic product), average living standards in the richest countries in the world are estimated to be more than one hundred times greater than those in the poorest countries.1 Why are some countries so much poorer than others and what can be done to reduce such differences? A definitive explanation of this staggering variation is the ‘holy grail’ of modern macroeconomics, not least because important insights could potentially lead to drastic improvements in the welfare of a large proportion of the world’s population.

Suggested Citation

  • P. Dorian Owen & Clayton R. Weatherston, 2007. "The Deep Determinants of Long-run Growth and Economic Development," Palgrave Macmillan Books, in: W. R. Garside (ed.), Institutions and Market Economies, chapter 7, pages 137-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-38994-6_7
    DOI: 10.1057/9780230389946_7
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    Citations

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    Cited by:

    1. Serkan Degirmenci, 2011. "Do Institutions Matter for Regional Economic Growth and Development? The Case of Turkey," ERSA conference papers ersa11p1180, European Regional Science Association.
    2. Glawe, Linda & Wagner, Helmut, 2017. "The Deep Determinants at More Subtle Stages of Development: The Example of the Middle-Income Trap Phenomenon," CEAMeS Discussion Paper Series 11/2017, University of Hagen, Center for East Asia Macro-economic Studies (CEAMeS), revised 2017.
    3. Serkan Degirmenci, 2011. "Do Institutions Matter for Regional Economic Growth and Development? The Case of Turkey," ERSA conference papers ersa11p1374, European Regional Science Association.
    4. Danuta Milaszewicz & Kesra Nermend, 2020. "Application of Vector Measure Construction Methods to Estimate Quality of Institutions: Nations in Transition," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 16-29.

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