Chris Bramall
- Published in print:
- 2006
- Published Online:
- January 2007
- ISBN:
- 9780199275939
- eISBN:
- 9780191706073
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199275939.003.0007
- Subject:
- Economics and Finance, South and East Asia
The evidence on the determinants of growth for China’s counties in the post-1978 era points to the clear causal role of initial conditions. Proximity to large urban centres, the dependency rate, and ...
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The evidence on the determinants of growth for China’s counties in the post-1978 era points to the clear causal role of initial conditions. Proximity to large urban centres, the dependency rate, and initial GDP per head all appeared to have exerted a powerful impact, much more so than population density, literacy, grain yields, or proximity to a provincial capital. Most importantly, the hypothesis advanced in this book: that inherited industrial skills helped promote growth, is supported in both a statistical and a substantive sense. Whatever the impact of policy change, it should not be allowed to overshadow the contribution of both geography and history. Although location mattered, so too did prior learning — and in a much more positive sense than much of the path dependency literature allows.Less
The evidence on the determinants of growth for China’s counties in the post-1978 era points to the clear causal role of initial conditions. Proximity to large urban centres, the dependency rate, and initial GDP per head all appeared to have exerted a powerful impact, much more so than population density, literacy, grain yields, or proximity to a provincial capital. Most importantly, the hypothesis advanced in this book: that inherited industrial skills helped promote growth, is supported in both a statistical and a substantive sense. Whatever the impact of policy change, it should not be allowed to overshadow the contribution of both geography and history. Although location mattered, so too did prior learning — and in a much more positive sense than much of the path dependency literature allows.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter discusses three issues — accounting frameworks, risk and uncertainty, and the political economy — that have been largely overlooked by the mainstream ‘conservative’ and ‘Keynesian’ ...
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This chapter discusses three issues — accounting frameworks, risk and uncertainty, and the political economy — that have been largely overlooked by the mainstream ‘conservative’ and ‘Keynesian’ perspectives. The first section examines accounting frameworks; this is the lens used to ascertain whether an economy is likely to overheat or slip into recession. We find that widely used accounting frameworks, such as accounting for GDP, often provide misleading information and bear some responsibility for poor economic advice and performance. The chapter next considers how the issues of risk, uncertainty, and information imperfections are at the center of macroeconomic analysis. Risk is always prevalent in an economy, and policies often have unintended consequences. As a result, economists and policy-makers must subject policy decisions to a risk assessment, and should also be responsive to new information. The final section of this chapter looks at the political economy and institutional frameworks within which policy decisions are made.Less
This chapter discusses three issues — accounting frameworks, risk and uncertainty, and the political economy — that have been largely overlooked by the mainstream ‘conservative’ and ‘Keynesian’ perspectives. The first section examines accounting frameworks; this is the lens used to ascertain whether an economy is likely to overheat or slip into recession. We find that widely used accounting frameworks, such as accounting for GDP, often provide misleading information and bear some responsibility for poor economic advice and performance. The chapter next considers how the issues of risk, uncertainty, and information imperfections are at the center of macroeconomic analysis. Risk is always prevalent in an economy, and policies often have unintended consequences. As a result, economists and policy-makers must subject policy decisions to a risk assessment, and should also be responsive to new information. The final section of this chapter looks at the political economy and institutional frameworks within which policy decisions are made.
Michael Bruno
- Published in print:
- 1993
- Published Online:
- September 2006
- ISBN:
- 9780198286639
- eISBN:
- 9780191603839
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198286635.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter examines Israel’s structural crisis during the early 1970s. It covers the growth and development of business sector GDP, an international comparison of growth and inflation, the ...
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This chapter examines Israel’s structural crisis during the early 1970s. It covers the growth and development of business sector GDP, an international comparison of growth and inflation, the government budget, the increase in internal and external debt, and the impact of high government expenditures. It is shown that every aspect of public-sector policy — including its transfer policy and high taxation, the misallocation of labour force, and distorted subsidization of private investment — were all working in the direction of hampering sound economic growth. Moreover, the government’s own lack of restraint had a direct behavioural impact on the response of economic units in the private sector.Less
This chapter examines Israel’s structural crisis during the early 1970s. It covers the growth and development of business sector GDP, an international comparison of growth and inflation, the government budget, the increase in internal and external debt, and the impact of high government expenditures. It is shown that every aspect of public-sector policy — including its transfer policy and high taxation, the misallocation of labour force, and distorted subsidization of private investment — were all working in the direction of hampering sound economic growth. Moreover, the government’s own lack of restraint had a direct behavioural impact on the response of economic units in the private sector.
Jan‐Erik Lane, David McKay, and Kenneth Newton
- Published in print:
- 1996
- Published Online:
- January 2005
- ISBN:
- 9780198280538
- eISBN:
- 9780191601934
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019828053X.003.0005
- Subject:
- Political Science, Reference
This section presents economic data on OECD countries. It features tables on GDP per capita, real GDP per capita, origin of GDP, inflation rates, external dependency exports and imports, real GDP ...
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This section presents economic data on OECD countries. It features tables on GDP per capita, real GDP per capita, origin of GDP, inflation rates, external dependency exports and imports, real GDP growth, and real GNP growth.Less
This section presents economic data on OECD countries. It features tables on GDP per capita, real GDP per capita, origin of GDP, inflation rates, external dependency exports and imports, real GDP growth, and real GNP growth.
Stephen D. Cohen
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780195179354
- eISBN:
- 9780199783779
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195179354.003.0004
- Subject:
- Economics and Finance, International
The long historical evolution of MNCs and FDI is more than a chronological timeline; it puts into perspective the larger forces that shaped, facilitated, and encouraged them. Beyond delineating ...
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The long historical evolution of MNCs and FDI is more than a chronological timeline; it puts into perspective the larger forces that shaped, facilitated, and encouraged them. Beyond delineating distinctive eras and presenting quantitative estimates of the growth of FDI and MNCs, this chapter discusses how and why their evolution and proliferation should be viewed as the effects of continuous technological innovation. The chapter's concluding section examines the myriad quantitative and qualitative reasons that FDI and MNCs have become increasingly important variables in domestic economic policy, international commerce, international politics, and corporate strategy.Less
The long historical evolution of MNCs and FDI is more than a chronological timeline; it puts into perspective the larger forces that shaped, facilitated, and encouraged them. Beyond delineating distinctive eras and presenting quantitative estimates of the growth of FDI and MNCs, this chapter discusses how and why their evolution and proliferation should be viewed as the effects of continuous technological innovation. The chapter's concluding section examines the myriad quantitative and qualitative reasons that FDI and MNCs have become increasingly important variables in domestic economic policy, international commerce, international politics, and corporate strategy.
Young‐Iob Chung
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780195325454
- eISBN:
- 9780199783908
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195325454.003.0002
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter examines the path and record of economic development in South Korea. This is carried out in several stages, focusing on the increases in GDP and the structural changes that transformed ...
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This chapter examines the path and record of economic development in South Korea. This is carried out in several stages, focusing on the increases in GDP and the structural changes that transformed the economy after the Korean War. These are investigated in terms of aggregate and sectoral expansions and shifts, the rise of capital- and technological-intensive industries, the expansion of the scale of business enterprises, and changes in the magnitude and pattern of foreign trade. The chapter also evaluates the structural changes in various economic sectors, such as social overhead capital, industry, manufacturing, service sectors, agriculture, mining, and others. It follows with an examination of the fundamental changes in industrial structure and organization, including the rise of jaebeol and their importance to economic growth. Finally, the factors affecting economic growth and structural changes are enumerated.Less
This chapter examines the path and record of economic development in South Korea. This is carried out in several stages, focusing on the increases in GDP and the structural changes that transformed the economy after the Korean War. These are investigated in terms of aggregate and sectoral expansions and shifts, the rise of capital- and technological-intensive industries, the expansion of the scale of business enterprises, and changes in the magnitude and pattern of foreign trade. The chapter also evaluates the structural changes in various economic sectors, such as social overhead capital, industry, manufacturing, service sectors, agriculture, mining, and others. It follows with an examination of the fundamental changes in industrial structure and organization, including the rise of jaebeol and their importance to economic growth. Finally, the factors affecting economic growth and structural changes are enumerated.
Malanima Paolo, Astrid Kander, and Paul Warde
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691143620
- eISBN:
- 9781400848881
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691143620.003.0010
- Subject:
- Economics and Finance, Economic History
This chapter examines the role of energy in the economic growth of twentieth-century Europe. It considers the interrelationships of factors of production in order to identify the general features of ...
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This chapter examines the role of energy in the economic growth of twentieth-century Europe. It considers the interrelationships of factors of production in order to identify the general features of a shared experience of growth, rather than to illuminate the local differences. The chapter first explains how development blocks contributed to GDP growth before discussing seven long-run propositions, including the strong growth of capital stock and catch-up with the leader of capital–GDP ratios; machinery increased more than GDP, labor, and other capital; and falling and converging energy intensity in the twentieth century. The chapter concludes with an overview of the link between energy intensity and economic structure. It argues that it was the third industrial revolution that was behind most of the increasing economic efficiency of energy consumption after the 1970s.Less
This chapter examines the role of energy in the economic growth of twentieth-century Europe. It considers the interrelationships of factors of production in order to identify the general features of a shared experience of growth, rather than to illuminate the local differences. The chapter first explains how development blocks contributed to GDP growth before discussing seven long-run propositions, including the strong growth of capital stock and catch-up with the leader of capital–GDP ratios; machinery increased more than GDP, labor, and other capital; and falling and converging energy intensity in the twentieth century. The chapter concludes with an overview of the link between energy intensity and economic structure. It argues that it was the third industrial revolution that was behind most of the increasing economic efficiency of energy consumption after the 1970s.
Ian W. McLean
- Published in print:
- 2012
- Published Online:
- October 2017
- ISBN:
- 9780691154671
- eISBN:
- 9781400845439
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691154671.003.0006
- Subject:
- Economics and Finance, Economic History
This chapter talks about negative shocks from internal imbalance, external factors, and drought wrought havoc with the economy for more than a decade. Against this background of a major threat to ...
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This chapter talks about negative shocks from internal imbalance, external factors, and drought wrought havoc with the economy for more than a decade. Against this background of a major threat to prosperity, important changes occurred in the institutional framework with the federation of the Australian colonies in 1901. Though some recovery in economic fortunes occurred before the outbreak of war, it was short-lived. Per capita real GDP fell by 22 percent by 1895 and did not regain its 1889 peak for a full two decades. The approach adopted here includes a comparative perspective on Australians' reduced levels of prosperity between 1890 and 1914. Australia recorded the highest per capita income in the world for some period prior to the 1890s. The chapter shows how this achievement has never been repeated.Less
This chapter talks about negative shocks from internal imbalance, external factors, and drought wrought havoc with the economy for more than a decade. Against this background of a major threat to prosperity, important changes occurred in the institutional framework with the federation of the Australian colonies in 1901. Though some recovery in economic fortunes occurred before the outbreak of war, it was short-lived. Per capita real GDP fell by 22 percent by 1895 and did not regain its 1889 peak for a full two decades. The approach adopted here includes a comparative perspective on Australians' reduced levels of prosperity between 1890 and 1914. Australia recorded the highest per capita income in the world for some period prior to the 1890s. The chapter shows how this achievement has never been repeated.
Ed Diener, Daniel Kahneman, and John Helliwell
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199732739
- eISBN:
- 9780199776887
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199732739.001.0001
- Subject:
- Psychology, Social Psychology
This book draws together the latest work from scholars around the world using subjective well-being data to understand and compare well-being across countries and cultures. Starting from many ...
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This book draws together the latest work from scholars around the world using subjective well-being data to understand and compare well-being across countries and cultures. Starting from many different vantage points, the book reaches a consensus that many measures of subjective well-being, ranging from life evaluations through emotional states, based on memories and current evaluations, merit broader collection and analysis. Using data from the Gallup World Poll, the World Values Survey, and other internationally comparable surveys, the chapters document wide divergences among countries in all measures of subjective well-being. The international differences are greater for life evaluations than for emotions. Despite the well-documented differences in the ways in which subjective evaluations change through time and across cultures, the bulk of the very large international differences in life evaluations are due to differences in life circumstances rather than differences in the way these differences are evaluated.Less
This book draws together the latest work from scholars around the world using subjective well-being data to understand and compare well-being across countries and cultures. Starting from many different vantage points, the book reaches a consensus that many measures of subjective well-being, ranging from life evaluations through emotional states, based on memories and current evaluations, merit broader collection and analysis. Using data from the Gallup World Poll, the World Values Survey, and other internationally comparable surveys, the chapters document wide divergences among countries in all measures of subjective well-being. The international differences are greater for life evaluations than for emotions. Despite the well-documented differences in the ways in which subjective evaluations change through time and across cultures, the bulk of the very large international differences in life evaluations are due to differences in life circumstances rather than differences in the way these differences are evaluated.
Martin Weale
- Published in print:
- 2000
- Published Online:
- September 2007
- ISBN:
- 9780199240692
- eISBN:
- 9780191714269
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199240692.003.0005
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter begins by surveying some of the solutions which have been adopted to the problem of environmental and natural resource accounting. Measures of national income such as GNP/GDP from the ...
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This chapter begins by surveying some of the solutions which have been adopted to the problem of environmental and natural resource accounting. Measures of national income such as GNP/GDP from the systems of national accounts (SNA) until recently did not reflect changes in environmental resources. The roles of both physical and monetary systems of environmental statistics are discussed, and it is shown how these can be incorporated into the SNA scheme. A possible means of using such a statistical framework for the basis of economic analysis is then discussed and illustrated with particular reference to Indonesia. It is suggested that a social accounts matrix can be extended to include ‘environmental multipliers’ which capture the effects on the environment. While such multipliers do not show all the environmental implications, they do demonstrate that modelling environmental effects is possible using just a little more information than is available in a typical social accounting matrix.Less
This chapter begins by surveying some of the solutions which have been adopted to the problem of environmental and natural resource accounting. Measures of national income such as GNP/GDP from the systems of national accounts (SNA) until recently did not reflect changes in environmental resources. The roles of both physical and monetary systems of environmental statistics are discussed, and it is shown how these can be incorporated into the SNA scheme. A possible means of using such a statistical framework for the basis of economic analysis is then discussed and illustrated with particular reference to Indonesia. It is suggested that a social accounts matrix can be extended to include ‘environmental multipliers’ which capture the effects on the environment. While such multipliers do not show all the environmental implications, they do demonstrate that modelling environmental effects is possible using just a little more information than is available in a typical social accounting matrix.
Philipp Lepenies
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9780231175104
- eISBN:
- 9780231541435
- Item type:
- book
- Publisher:
- Columbia University Press
- DOI:
- 10.7312/columbia/9780231175104.001.0001
- Subject:
- Economics and Finance, Economic History
Widely used since the mid-twentieth century, GDP (gross domestic product) has become the world’s most powerful statistical indicator of national development and progress. Practically all governments ...
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Widely used since the mid-twentieth century, GDP (gross domestic product) has become the world’s most powerful statistical indicator of national development and progress. Practically all governments adhere to the idea that GDP growth is a primary economic target, and while criticism of this measure has grown, neither its champions nor its detractors deny its central importance in our political culture. In The Power of a Single Number, Philipp Lepenies recounts the lively history of GDP’s political acceptance—and eventual dominance. Locating the origins of GDP measurements in Renaissance England, Lepenies explores the social and political factors that originally hindered its use. It was not until the early 1900s that an ingenuous lone-wolf economist revived and honed GDP’s statistical approach. These ideas were then extended by John Maynard Keynes, and a more focused study of national income was born. American economists furthered this work by emphasizing GDP’s ties to social well-being, setting the stage for its ascent. GDP finally achieved its singular status during World War II, assuming the importance it retains today. Lepenies’s absorbing account helps us understand the personalities and popular events that propelled GDP to supremacy and clarifies current debates over the wisdom of the number’s rule.Less
Widely used since the mid-twentieth century, GDP (gross domestic product) has become the world’s most powerful statistical indicator of national development and progress. Practically all governments adhere to the idea that GDP growth is a primary economic target, and while criticism of this measure has grown, neither its champions nor its detractors deny its central importance in our political culture. In The Power of a Single Number, Philipp Lepenies recounts the lively history of GDP’s political acceptance—and eventual dominance. Locating the origins of GDP measurements in Renaissance England, Lepenies explores the social and political factors that originally hindered its use. It was not until the early 1900s that an ingenuous lone-wolf economist revived and honed GDP’s statistical approach. These ideas were then extended by John Maynard Keynes, and a more focused study of national income was born. American economists furthered this work by emphasizing GDP’s ties to social well-being, setting the stage for its ascent. GDP finally achieved its singular status during World War II, assuming the importance it retains today. Lepenies’s absorbing account helps us understand the personalities and popular events that propelled GDP to supremacy and clarifies current debates over the wisdom of the number’s rule.
Osamu Saito
- Published in print:
- 2005
- Published Online:
- July 2005
- ISBN:
- 9780199280681
- eISBN:
- 9780191602467
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199280681.003.0004
- Subject:
- Economics and Finance, Economic History
It is widely recognized that in Japan before the Meiji Restoration there occurred a gradual increase in output. Examines whether or not the trend in real wages diverged from that of per capita output ...
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It is widely recognized that in Japan before the Meiji Restoration there occurred a gradual increase in output. Examines whether or not the trend in real wages diverged from that of per capita output growth, and concludes that traditional Japan did not exhibit a drastic divergence between wage change and output growth as experienced in early modernWestern Europe. Also explores briefly the factors accounting for the differences between the two pre-modern growth processes.Less
It is widely recognized that in Japan before the Meiji Restoration there occurred a gradual increase in output. Examines whether or not the trend in real wages diverged from that of per capita output growth, and concludes that traditional Japan did not exhibit a drastic divergence between wage change and output growth as experienced in early modern
Western Europe. Also explores briefly the factors accounting for the differences between the two pre-modern growth processes.
Barry Eichengreen, Yung Chul Park, and Charles Wyplosz (eds)
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199235889
- eISBN:
- 9780191717109
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199235889.001.0001
- Subject:
- Economics and Finance, South and East Asia
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP ...
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The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP has now risen to 33% and will exceed 40% within a generation if current forecasts are realized. Asia's growing weight in the world economy is elevating it to a central position in global economic and financial affairs. The potential global impact of this astonishing growth is far reaching, from oil markets and the environment to a reshaping of trade relations in the current multilateral system dominated by the WTO. This collection of chapters written by leading economists explores the likely impact of the rapid growth in the East Asian economies, and in particular China, on the world economy in the coming decades and the consequent challenges for the development of trade, macroeconomic, and environmental policy.Less
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20% in 1950, Asia's share of global GDP has now risen to 33% and will exceed 40% within a generation if current forecasts are realized. Asia's growing weight in the world economy is elevating it to a central position in global economic and financial affairs. The potential global impact of this astonishing growth is far reaching, from oil markets and the environment to a reshaping of trade relations in the current multilateral system dominated by the WTO. This collection of chapters written by leading economists explores the likely impact of the rapid growth in the East Asian economies, and in particular China, on the world economy in the coming decades and the consequent challenges for the development of trade, macroeconomic, and environmental policy.
Eileen Stillwaggon
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780195169270
- eISBN:
- 9780199783427
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195169271.003.0005
- Subject:
- Economics and Finance, Public and Welfare
This chapter applies the lessons of HIV in sub-Saharan Africa to Latin America and the Caribbean. Economic and biological factors are important determinants of HIV transmission. Poverty, ...
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This chapter applies the lessons of HIV in sub-Saharan Africa to Latin America and the Caribbean. Economic and biological factors are important determinants of HIV transmission. Poverty, malnutrition, and parasites are endemic in much of the region, which also has additional risk factors for HIV transmission, including injecting drug use and millions of street children. Statistical analysis shows high correlation between HIV prevalence and GDP per capita, international migration, urbanization, and calorie supply. The results reflect the dualism of the Latin American and Caribbean economies and their dual HIV epidemics, and suggest the reasons why HIV is spreading fastest in lower-income groups.Less
This chapter applies the lessons of HIV in sub-Saharan Africa to Latin America and the Caribbean. Economic and biological factors are important determinants of HIV transmission. Poverty, malnutrition, and parasites are endemic in much of the region, which also has additional risk factors for HIV transmission, including injecting drug use and millions of street children. Statistical analysis shows high correlation between HIV prevalence and GDP per capita, international migration, urbanization, and calorie supply. The results reflect the dualism of the Latin American and Caribbean economies and their dual HIV epidemics, and suggest the reasons why HIV is spreading fastest in lower-income groups.
Richard A. Easterlin and Onnicha Sawangfa
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199732739
- eISBN:
- 9780199776887
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199732739.003.0007
- Subject:
- Psychology, Social Psychology
Based on point-of-time comparisons of happiness in richer and poorer countries, it is commonly asserted that economic growth will have a significant positive impact on happiness in poorer countries, ...
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Based on point-of-time comparisons of happiness in richer and poorer countries, it is commonly asserted that economic growth will have a significant positive impact on happiness in poorer countries, if not richer. The time trends of subjective well-being (SWB) in thirteen developing countries, however, are not significantly related to predictions derived from the cross sectional relation of happiness to GDP per capita. The point-of-time comparison leads to the expectation that the same absolute increase in GDP per capita will have a bigger impact on SWB in a poorer than a richer country. In fact there is no significant relation between actual trends in SWB and those predicted from the cross sectional relationship. Nor is a higher percentage rate of growth in GDP per capita significantly positively associated with a greater improvement in SWB. In the developing countries studied here a greater increase in happiness does not accompany more rapid economic growth. These conclusions hold true for two measures of SWB that are separately analyzed, overall life satisfaction and satisfaction with finances. The two SWB measures themselves, however, typically trend similarly within a country, providing mutually supporting evidence of the trend in well-being.Less
Based on point-of-time comparisons of happiness in richer and poorer countries, it is commonly asserted that economic growth will have a significant positive impact on happiness in poorer countries, if not richer. The time trends of subjective well-being (SWB) in thirteen developing countries, however, are not significantly related to predictions derived from the cross sectional relation of happiness to GDP per capita. The point-of-time comparison leads to the expectation that the same absolute increase in GDP per capita will have a bigger impact on SWB in a poorer than a richer country. In fact there is no significant relation between actual trends in SWB and those predicted from the cross sectional relationship. Nor is a higher percentage rate of growth in GDP per capita significantly positively associated with a greater improvement in SWB. In the developing countries studied here a greater increase in happiness does not accompany more rapid economic growth. These conclusions hold true for two measures of SWB that are separately analyzed, overall life satisfaction and satisfaction with finances. The two SWB measures themselves, however, typically trend similarly within a country, providing mutually supporting evidence of the trend in well-being.
Graciela Chichilnisky
- Published in print:
- 2012
- Published Online:
- September 2012
- ISBN:
- 9780199656202
- eISBN:
- 9780191742149
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199656202.003.0014
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter proposes the creation of global market mechanisms to forestall the rapid and possibly irreversible loss of species and ecosystems. Several distinct mechanisms are proposed here, each ...
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This chapter proposes the creation of global market mechanisms to forestall the rapid and possibly irreversible loss of species and ecosystems. Several distinct mechanisms are proposed here, each addressing a different aspect of the global environment challenge: watersheds, biodiversity, indigenous knowledge, and the global spectrum. All the mechanisms proposed address the same overall topic and follow the same fundamental principles. The global commons is the overriding topic, and each mechanism addresses one aspect of this, and all the mechanisms proposed here are based on the same fundamental principles or imperatives: promoting sustainable use of the Earth's resources, a harmonious relationship between humans and ecosystems, using market-based and self-funded mechanisms that require no donations for their implementation, and decreasing the wealth gap between rich and poor nations and more generally between high- and low-income people, women, men, and children.Less
This chapter proposes the creation of global market mechanisms to forestall the rapid and possibly irreversible loss of species and ecosystems. Several distinct mechanisms are proposed here, each addressing a different aspect of the global environment challenge: watersheds, biodiversity, indigenous knowledge, and the global spectrum. All the mechanisms proposed address the same overall topic and follow the same fundamental principles. The global commons is the overriding topic, and each mechanism addresses one aspect of this, and all the mechanisms proposed here are based on the same fundamental principles or imperatives: promoting sustainable use of the Earth's resources, a harmonious relationship between humans and ecosystems, using market-based and self-funded mechanisms that require no donations for their implementation, and decreasing the wealth gap between rich and poor nations and more generally between high- and low-income people, women, men, and children.
Philip T. Hoffman, Gilles Postel-Vinay, and Jean-Laurent Rosenthal
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691182179
- eISBN:
- 9780691185057
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691182179.003.0002
- Subject:
- Business and Management, Business History
This chapter looks at the size of the market in 1740 and explores who was involved in it. The stock of notarial debt, even though it excluded nearly all commercial and consumer credit, amounted to ...
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This chapter looks at the size of the market in 1740 and explores who was involved in it. The stock of notarial debt, even though it excluded nearly all commercial and consumer credit, amounted to sixteen percent of GDP in 1740. Although that may at first glance seem paltry, especially when compared to the level of mortgage debt accumulated in some economies on the eve of the 2008 crisis, it is more than what mortgage markets achieve in many developing economies today. This mountain of private, nongovernmental debt raises some serious questions. The chapter addresses this issue by asking how to reconstruct past lending in a society, particularly for credit markets that have long been shrouded from view.Less
This chapter looks at the size of the market in 1740 and explores who was involved in it. The stock of notarial debt, even though it excluded nearly all commercial and consumer credit, amounted to sixteen percent of GDP in 1740. Although that may at first glance seem paltry, especially when compared to the level of mortgage debt accumulated in some economies on the eve of the 2008 crisis, it is more than what mortgage markets achieve in many developing economies today. This mountain of private, nongovernmental debt raises some serious questions. The chapter addresses this issue by asking how to reconstruct past lending in a society, particularly for credit markets that have long been shrouded from view.
Bijit Bora, Roman Grynberg, and Mohammad A. Razzaque
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199234707
- eISBN:
- 9780191715488
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199234707.003.0008
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter attempts to explain marginalization for LDCs and SVS in merchandise exports in terms of falling share of agricultural products in total global exports, and in terms of world export-GDP ...
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This chapter attempts to explain marginalization for LDCs and SVS in merchandise exports in terms of falling share of agricultural products in total global exports, and in terms of world export-GDP ratio. The study establishes a valid long-run statistical relationship, indicating that these factors explain about 91% and 85% variation in the declining share of LDCs and SVS, respectively.Less
This chapter attempts to explain marginalization for LDCs and SVS in merchandise exports in terms of falling share of agricultural products in total global exports, and in terms of world export-GDP ratio. The study establishes a valid long-run statistical relationship, indicating that these factors explain about 91% and 85% variation in the declining share of LDCs and SVS, respectively.
Richard Pomfret
- Published in print:
- 2019
- Published Online:
- May 2019
- ISBN:
- 9780691182216
- eISBN:
- 9780691185408
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691182216.003.0005
- Subject:
- Business and Management, International Business
This chapter explores the national economy and transition strategies of Uzbekistan. At independence Uzbekistan inherited important assets, including the best civil aircraft fleet, the military ...
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This chapter explores the national economy and transition strategies of Uzbekistan. At independence Uzbekistan inherited important assets, including the best civil aircraft fleet, the military command, and the best administrative capacity in Central Asia. Indeed, during the 1990s, Uzbekistan was the most successful of all Soviet successor states in terms of limiting the fall in output, and in the early 2000s it became the first former Soviet republic to regain its pre-independence level of GDP. Uzbekistan was fortunate that world cotton prices increased substantially after independence, providing the resources to maintain public services, and when cotton prices fell in 1996 the government overreacted by introducing foreign exchange controls. A new phase of Uzbekistan's economic development dates from the termination of forex controls at the end of 2003.Less
This chapter explores the national economy and transition strategies of Uzbekistan. At independence Uzbekistan inherited important assets, including the best civil aircraft fleet, the military command, and the best administrative capacity in Central Asia. Indeed, during the 1990s, Uzbekistan was the most successful of all Soviet successor states in terms of limiting the fall in output, and in the early 2000s it became the first former Soviet republic to regain its pre-independence level of GDP. Uzbekistan was fortunate that world cotton prices increased substantially after independence, providing the resources to maintain public services, and when cotton prices fell in 1996 the government overreacted by introducing foreign exchange controls. A new phase of Uzbekistan's economic development dates from the termination of forex controls at the end of 2003.
Joseph E. Stiglitz
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534081
- eISBN:
- 9780191714658
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534081.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies ...
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If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.Less
If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.
