Econ 124 Chapter 1 - Economic History and the Global Economy (BB).pptx - World Economic History Chapter 1 Economic History and the Global Economy 1

Econ 124 Chapter 1 - Economic History and the Global Economy (BB).pptx

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World Economic History Chapter 1 Economic History and the Global Economy 1
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Overview The Importance of Studying Economic History Financial globalization and a new emphasis on the importance of institutions A short evolution of economic growth models: From the Malthusian Trap to endogenous growth models The difference between growth vs. development vs. progress Resources and Technology as ingredients to economic growth 2
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The Importance of Studying Economic History Those who ignore the lessons of economic history on the basis that the current situation is too new and unique for history to be relevant make two big mistakes: 1. Those who do not study something are not qualified to generalize about it. 2. This sentiment denies the uniformity of human behavior and social institutions, an assumption on which all science is founded. 3
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The Importance of Institutions Most models of economic growth were pretty crude: It was thought that the key factors in economic growth could be boiled down to 1. increasing the level of capital per worker 2. Increasing the number of workers Things like entrepreneurship and technology advances were difficult to model and, therefore, treated as exogenous factors of growth. 4
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The Importance of Institutions By 1990, More sophisticated models of economic development had emerged. Most of these models could be summarized in four rules: 1. Increase investment in manufacturing 2. Increase education in the labor force 3.
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