Economic Policies, Economic Shocks and Economic Growth

William Easterly

Chapter 9 in New Theories in Growth and Development, 1998, pp 227-250 from Palgrave Macmillan

Abstract: Abstract Why do we care so much about economic growth? Figure 9.1 shows the path of output in the most famous recent case of successful development, South Korea. The graph shows how Korea compares at different points in time to the per capita incomes of nations today. In a generation Korea has gone from being at the income level of Somalia to being at the income level of Portugal. With that kind of revolution in living standards possible, one can sympathise with Lucas, that ‘once you start to think about growth, it’s hard to think about anything else’.

Keywords: Human Capital; Central Bank; Physical Capital; Budget Deficit; Capita Growth (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-26270-0_9

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