The Deep Determinants of Long-run Growth and Economic Development

Dorian Owen and Clayton R. Weatherston

Chapter 7 in Institutions and Market Economies, 2007, pp 137-166 from Palgrave Macmillan

Abstract: 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.

Keywords: Human Capital; Institutional Quality; Disease Environment; World Bank Economic Review; Extreme Bound Analysis (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230389946_7

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