mokyr baumol_state economic influences_part2

mokyr baumol_state economic influences_part2 - policies...

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Mokyr and Baumol: A Look into What Factors influence State Economies SID: 18837134 On the other hand, in Medieval China institutions clamped down on enterprise (8), pushing people away from innovation and decreasing the chances the Chinese economy. Baumol doesn’t take cultural aspects into consideration as much as Mokyr, rather he states how countries frowned upon enterprise (9), which isn’t a direct measure taken by the state but could have been a informal way for the state to impose influence on the direction of the economy, and how much knowledge was spread. In retrospect, the two pieces are similar in their views that state institutions set the framework for where people dedicate their time, energy, and resources. Those institutions can gear their state towards economic advancement by promoting the right policies: those include
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Unformatted text preview: policies that incur high payoffs for productive innovation and spread of knowledge to all of society. Both pieces, although Mokyr more than Baumol, take into consideration other factors that influence the way people innovate and spread knowledge. Those factors can also greatly alter the way an economy advances, and in our globalizing world also alter the way countries it is economically, politically, or socially tied with continue to develop. 8. page 66. In imitation of the upper classes, freedmen saw wealth in investing their money in commerce, which was productive for the economy. 9. page 68. Baumol states enterprise was frowned upon (by society or the institution or both), which in the long run would kill initiative and attempts at innovation. Page 4...
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