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growth8 - Part IIB Paper 2 Michaelmas Term 2010 Economic...

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Part IIB. Paper 2 Michaelmas Term 2010 Economic Growth Lecture 8: Institutions, Policies and Long-Run Growth Dr Tiago Cavalcanti
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Readings & Refs: Texts: (*) Jones ch. 7,10 Articles: (*) Acemoglu, D., J. Robinson, and S. Johnson (2001). “The Colonial Origins of Comparative Development: An Empirical Investigation,” American Economic Review, 91 , 1369-1401. Temple, J. (1999) ‘The New Growth Evidence.’ Journal of Economic Literature , 37(1) , 112-156. (esp. secs. 6,7,8) Hall, R.E. & C.I. Jones (1999) ‘Why do some countries produce so much more output per worker than others?’ Quarterly Journal of Economics , 114(1) , 83-116. Parente and Prescott (2007). ‘What a country must do to catch up with the industrial leaders’. Living Standards and The Wealth of Nations: Successes and Failures in Real Convergence , eds. Leszek Balcerowicz and Stanly Fischer.
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Review thus far L2 & L3: Neoclassical growth model - qualitative support, but not successful quantitatively L4: Introduction of Human Capital - quantitative predictions improved, but … - unrealistic predictions on implied relative price differentials (interest rates, returns on human capital) - growth driven by exogenous technological progress
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L5 spillover effects and externalities - (social) marginal products of K and H not diminishing - Growth without assuming exogenous tech progress - Problems: (i) unintended by-product; (ii) depend on parameter values; (iii) scale effects
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