Patience and long-run growth
Malte Hübner and
Gonzague Vannoorenberghe ()
MPRA Paper from University Library of Munich, Germany
Complementing research on the effect of patience on individual behavior, we present empirical evidence that patience is an important determinant of long-run income differences between countries. To account for a potential endogeneity bias, we instrument patience by information on how languages spoken in the countries of our sample require speakers to encode time. The economic impact of patience and growth is sizable. Our results suggest that increasing patience by one standard deviation raises per-capita income by between 34% and 78%.
Keywords: long-run growth; time-preferences; patience (search for similar items in EconPapers)
JEL-codes: D91 E03 O47 Z13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo and nep-gro
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https://mpra.ub.uni-muenchen.de/65553/2/MPRA_paper_65553.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/65810/2/MPRA_paper_65553.pdf revised version (application/pdf)
Journal Article: Patience and long-run growth (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:65553
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