POSC 182 Lecture 4 2010

POSC 182 Lecture 4 2010 - POSC 182: Politics and Economic...

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POSC 182: Politics and Economic Policy Unit 1: Institutions Lecture 4: The Importance of Institutions for Growth January 11, 2010
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Concepts that came up last time Deep vs. Proximate Sources of Growth Proximate: Factor Accumulation (Capital, Labor) or Innovation Deep: The underlying factors that cause factor accumulation and innovation to occur Institutions vs. Organizations Institutions are the rules of the game in a society. The humanly devised constraints that shape human behavior. Organizations are the players in the game. Groups of individuals bound by some common purpose to achieve objectives
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Scientific Inquiry The Objective: To discover causal relationships (aka explaining variation) The Process: 1. Start with a puzzle 2. Survey existing hypotheses 3. Generate a new hypothesis if existing ones don’t work 4. Test hypotheses
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Income Per Capita Adjusted for Inflation Incomes are generally increasing But, there is divergence Source: Angus Maddison (1995)
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Different Proximate Sources of Growth Growth from Factor Accumulation Growth from increasing capital, labor, education Solow Model Diminishing returns to capital
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POSC 182 Lecture 4 2010 - POSC 182: Politics and Economic...

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