Distinguished Lecture on Economics in Government: Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor

Distinguished Lecture on Economics in Government: Big Bills Left on the Sidewalk: Why Some... Abstract Some research presumes that, when rational parties bargain, nothing is left on the table, so that social outcomes are efficient and leave countries on the frontiers of their aggregate production functions. A study of differences in per capita incomes across countries shows that this cannot be the case. Countries’ endowments of natural and human resources do not explain any significant part of the variation in incomes and the mobility of capital assures that it is impartially available to all countries. National differences in the quality of policies and institutions across countries mainly account for differences in per capita incomes. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Perspectives American Economic Association

Distinguished Lecture on Economics in Government: Big Bills Left on the Sidewalk: Why Some Nations are Rich, and Others Poor

Journal of Economic Perspectives, Volume 10 (2) – May 1, 1996

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Publisher
American Economic Association
Copyright
Copyright © 1996 by the American Economic Association
Subject
Lecture
ISSN
0895-3309
DOI
10.1257/jep.10.2.3
Publisher site
See Article on Publisher Site

Abstract

Abstract Some research presumes that, when rational parties bargain, nothing is left on the table, so that social outcomes are efficient and leave countries on the frontiers of their aggregate production functions. A study of differences in per capita incomes across countries shows that this cannot be the case. Countries’ endowments of natural and human resources do not explain any significant part of the variation in incomes and the mobility of capital assures that it is impartially available to all countries. National differences in the quality of policies and institutions across countries mainly account for differences in per capita incomes.

Journal

Journal of Economic PerspectivesAmerican Economic Association

Published: May 1, 1996

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