Explaining Economic Development A Survey Saving  physical capital, k Population growth Human capital, h Nutrition/healthEducationOpennessGovernment Rule.

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Presentation transcript:

Explaining Economic Development A Survey Saving  physical capital, k Population growth Human capital, h Nutrition/healthEducationOpennessGovernment Rule of law Corruption Ethnic fractionalization Inequality –Accumulation or instability?

Explaining Economic Development GeographyLatitude Access to sea Natural capital Africa: a special case? Disease environment Ethnic fractionalization Social capability Population density Terms – of – trade shocks

Scatter Diagrams Cause of high per capita income? Effect of high per capita income? Some of both?

Latitude … and geographic features Latitude helps Seasons Heat Disease Eurasia vs. the Americas Propagating advances Small states (Europe) vs. Large state (China) – –Different strokes/competition vs. Uniformity/Complacency ? War  Progress ? Neighbors  spillovers Mexico has U.S./Poland has Germany (EU) Brazil has Argentina/Zimbabwe has South Africa But … Reversals of Fortune

Access to sea Trade  specialization  productivity Trade  technology transfer/idea transfer

Natural Resources Endowments  Economic Organization  Income Distribution  Institutions  Growth Mineral wealth: Mexico/Bolivia/Peru Draft labor Inequality Ignorance is power Staple crops for world market: sugar, cotton, coffee,… Plantation agriculture Slave labor Ignorance is power Diversified foodstuffs Independent farmers/Homogeneous migrants/Equality Institutions supportive of capitalism

Embarrassments of Riches: The Resource Curse Natural Capital:Total Capital High  Lagging Development Resource boom  Capital Inflow  Bubble  Debt Crisis Dutch disease: Real overvaluation  Protection in reverse Export Low Tech Raw Material – Import Manufactures/High Tech Rent seeking  Dysfunctional conflict Sierra Leone Congo

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