The Stages of Economic Growth Revisited: Part 1: A General Framework and Taking Off into Growth

Daniela Costa, Timothy Kehoe and Gajendran Raveendranathan

No 16-5, Economic Policy Paper from Federal Reserve Bank of Minneapolis

Abstract: We propose a theory for classifying countries according to their stages of growth and for analyzing the determinants of growth in and between the different stages. {{p}} We conclude that, even if they have inefficient institutions and policies, poorer countries can achieve rapid growth by adopting the technologies and managerial practices of countries like the United States. As they become richer, however, their growth rates will decline unless these countries have efficient institutions and policies. For many countries, this requires that they undertake serious institutional and policy reforms. {{p}} Our analysis further suggests that world economic leadership is unlikely to be provided by less-developed countries like China.

Pages: 8 pages
Date: 2016-03-22
New Economics Papers: this item is included in nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
https://www.minneapolisfed.org/~/media/files/pubs/ ... h-revisted-part1.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmep:16-5

Access Statistics for this paper

More papers in Economic Policy Paper from Federal Reserve Bank of Minneapolis Contact information at EDIRC.
Bibliographic data for series maintained by Jannelle Ruswick ( this e-mail address is bad, please contact ).