Welfare, Inequality, and Resource Depletion
Welfare, Inequality, and Resource Depletion

Author: Mariano Torras

Publisher: Routledge

Published: 2019-10-28

Total Pages: 136

ISBN-13: 1351873318

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This book breaks new ground by accounting for the welfare implications of both severe inequality and environmental degradation and developing a sustainable development indicator that incorporates changes over time in each of these dimensions. The model is applied to data from Brazil spanning the 1965 -1998 period. The book's findings cast significant doubt on the proposition that rapid economic growth in Brazil has resulted in comparable welfare gains. The evidence presented more generally illustrates the often unsustainable nature of rapid GDP growth phases, as well as the general unreliability of GDP growth as an indicator of well-being improvement. The specific policy implication is that Brazil should discontinue - or at least severely curtail - the regressive and resource intensive economic policies it has followed in recent decades in the interest of welfare improvement not only for the poorer groups in society, but for future generations of Brazilians as well.

In the Wake of the Crisis
In the Wake of the Crisis

Author: Olivier Blanchard

Publisher: MIT Press

Published: 2014-08-29

Total Pages: 251

ISBN-13: 0262526824

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Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner

Why Are Some Countries Richer Than Others?
Why Are Some Countries Richer Than Others?

Author: Jesus Felipe

Publisher: DIANE Publishing

Published: 2008-10

Total Pages: 41

ISBN-13: 143790565X

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Provides evidence of a problem with the influential testing and assessment of Solow¿s (1956) growth model proposed by Mankiw et al. (1992) and a series of papers evaluating the latter. First, the assumption of a common rate of technical progress maintained by Mankiw et al. (1992) is relaxed. Solow¿s model is extended to include the different levels and rates of technical progress of each country. This increases the explanatory power of the cross-country variation in income/capital of the OECD countries to over 80%. The estimates of the parameters are statistically significant and take the expected values and signs. Second, the estimates merely reflect a statistical artifact. This has serious implications for the possibility of actually testing Solow¿s growth model. Illus.

Inequality and Growth
Inequality and Growth

Author: Theo S. Eicher

Publisher: MIT Press

Published: 2007-01-26

Total Pages: 343

ISBN-13: 0262550644

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Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent economic research has found both positive and negative relationships between growth and inequality across nations. The questions raised by these results include: What is the impact on inequality of policies designed to foster growth? Does inequality by itself facilitate or detract from economic growth, and does it amplify or diminish policy effectiveness? This book provides a forum for economists to examine the theoretical, empirical, and policy issues involved in the relationship between growth and inequality. The aim is to develop a framework for determining the role of public policy in enhancing both growth and equality. The diverse range of topics, examined in both developed and developing countries, includes natural resources, taxation, fertility, redistribution, technological change, transition, labor markets, and education. A theme common to all the essays is the importance of education in reducing inequality and increasing growth.

Economic Openness and Income Growth
Economic Openness and Income Growth

Author: Richard Yeboah

Publisher:

Published: 2016

Total Pages:

ISBN-13:

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This study analyzes the economic growth differentials among developing countries across Sub-Saharan Africa (SSA), Latin America and the Caribbean (LAC), South and East Asia (SEA) and High Performing Asian Economies (HPAEs), in the context of economic openness. We also investigate economic growth differences between developing countries that opened up their economy early (1960s) and those that opened up later (1980s). The results, using the SYS-GMM estimator show that, economic openness as measured by foreign direct investment positively affects economic growth in SSA and HPAEs. In LAC and SEA, it has no effect on growth. Openness as measured by international trade positively affects growth in SSA and HPAEs. In SEA, the effect is mixed while in LAC, trade has no effect on growth. The HPAEs recorded higher positive trade effect on growth relative to the other countries on account of efficiently managed inflation and well developed human capital.