POSC 182 Lecture 5 2010

POSC 182 Lecture 5 2010 - POSC 182: Politics and Economic...

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POSC 182: Politics and Economic Policy Unit 1: Institutions Lecture 5: The Importance of Institutions for Growth January 13, 2010
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Four Hypotheses of Underlying Sources of Growth Free Trade Hypothesis Free Trade leads to economic growth Geography Hypothesis Being in a temperate climate with a coastal area leads to economic growth Culture Hypothesis Inward oriented cultures lead to poor growth Institutions Hypothesis Good institutions (i.e. property rights) that encourage private enterprise lead to economic growth
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Why does it matter for policy which theory is the most important one? If it’s trade or institutions, then we can do something about it. If it’s geography or culture, then it’s harder to think about what can be done. If it’s geography, then we should focus on geographically related problems such as: Tropical disease Agricultural production (research) in tropical countries
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initial income, is there convergence?
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POSC 182 Lecture 5 2010 - POSC 182: Politics and Economic...

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