Long-Term Barriers to Economic Development

SSRN Electronic Journal, 2000

It has long been realised that factor accumulation and technological development are only proximate causes of economic development, and the focus has now shifted to investigating the 'deeper determinants' of economic growth. Two such forces are highlighted in the literature: institutions and geography. However, it remains controversial as to which of these two is the more important. The "institutions school" assigns primal importance to institutions, whereas the "geography school" considers geographical factors as the primary determinant of the economic performance of countries. This paper reviews the debate surrounding these "deeper determinants" of economic performance. It reviews the work of these two schools of thought and their interpretation of the long-run development. The paper then examines the evidence provided by the respective schools in favour of their hypotheses. It concludes in favour of the Institutions hypothesis as the Geography school does not provide a consistent story of long-run development.

OECD Economics Department Working Papers, 2001

JT00102047 Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format ECO/WKP(2001)9 Unclassified English text only ECO/WKP(2001)9 2

2007

Over the last two decades a wide range of studies has investigated the factors underlying economic growth. Using differing conceptual and methodological viewpoints, these studies have placed emphasis on a different set of explanatory parameters and offered various insights to the sources of economic growth and development. This paper draws on a questionnaire survey addressed to various experts (academics, regional scientists, policy makers and business people), to explore their views on the factors underlying economic dynamism. Economic dynamics refers to the potential an area has for generating and maintaining high rates of economic performance. Specific issues raised in the questionnaire include an evaluation of the world’s most dynamic areas (in the near future), the factors that advance or retard economic growth, the significance attached to a number of elements in terms of their influence to economic performance, the combination of characteristics that expected to promote econo...

Two primary drivers have provided a prolonged growth of the world economy. They are [1] development of the underdeveloped countries, and [2] the impact of science and technology. The free market economy facilitated this growth. It has been postulated that in the next 15-20 years these two drivers of the economy will run out of steam and the world economic growth will be next to zero or very minimal. The hypothesis postulates that the effect on the world economy will be slow but not easily reversible. The author advocates the phrase MEGA-Economics to emphasize: "study of the global economy and its dynamics over a period of a century or longer time frame". The author also discusses other socio-political factors that are likely to make this challenge even more formidable. Finally, the author suggests that his qualitative scenario should further be analyzed quantitatively so that we are well prepared with future challenges in the world economy.

2009

The paper draws on a questionnaire survey addressed to various experts worldwide, to identify which factors either support or inhibit growth potential and to assess their degree of significance. A number of points emerge. First, alongside conventional determinants, the political and legal aspects play a substantial role in advancing growth dynamics. Second, determinants influence at a different degree each economy depending on the level of development exhibited. As such, policy priorities should be different between developed and developing countries. Third, there seems to be some factors which are essential to economic growth independent of the level of development achieved. area has for generating and maintaining high rates of economic performance. In particular the research has set the following objectives:

Springer Texts in Business and Economics, 2014

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein.

alternativi.unwe.acad.bg

Over the last two to three decades a wide range of studies has inves gated the determinants of economic growth. Using diff ering conceptual and methodological approaches, these studies have placed emphasis on a number of explanatory parameters and off ered various insights to the process of economic growth. The current paper draws on a ques onnaire survey addressed to various experts (academics, policy makers and business people), to iden fy the factors that either support or inhibit growth poten al and to assess their degree of signifi cance. A number of points emerge. First, that alongside conven onal determinants, it is also the poli cal and ins tu onal aspects of an economy that play an important role in advancing growth dynamics. Second, determinants infl uence at a diff erent degree each economy depending on the level of development achieved. As such, there are clear indica ons that policy priori es should be diff erent between developed and developing countries. Third, despite the previous point, there are some basic elements which are deemed important for economic growth independent of the level of development an area exhibits.