Why Nations Fail
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Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
NBER WORKING PAPER SERIES SHOPPING EXTERNALITIES AND SELF-FULFILLING UNEMPLOYMENT FLUCTUATIONS Greg Kaplan Guido Menzio Working Paper 18777 http://www.nber.org/papers/w18777 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2013 We thank the Kielts-Nielsen Data Center at the University of Chicago Booth School of Business for providing access to the Kielts-Nielsen Consumer Panel Dataset. We thank the editor, Harald Uhlig, and three anonymous referees for insightful and detailed suggestions that helped us revising the paper. We are also grateful to Mark Aguiar, Jim Albrecht, Michele Boldrin, Russ Cooper, Ben Eden, Chris Edmond, Roger Farmer, Veronica Guerrieri, Bob Hall, Erik Hurst, Martin Schneider, Venky Venkateswaran, Susan Vroman, Steve Williamson and Randy Wright for many useful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Greg Kaplan and Guido Menzio. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Shopping Externalities and Self-Fulfilling Unemployment Fluctuations Greg Kaplan and Guido Menzio NBER Working Paper No. 18777 February 2013, Revised October 2013 JEL No. D11,D21,D43,E32 ABSTRACT We propose a novel theory of self-fulfilling unemployment fluctuations. According to this theory, a firm hiring an additional worker creates positive external effects on other firms, as a worker has more income to spend and less time to search for low prices when he is employed than when he is unemployed. -
Economics 2009 Contents Highlights
Economics 2009 www.cambridge.org/economics Contents Highlights Economic Thought, Philosophy and Methodology 1 Econometrics 2 Econometric Society Monographs 3 Mathematical Methods and Pro- gramming 3 Microeconomics 4 Macroeconomics and Monetary Economics 5 International Economics 6 ➤ See page 22 World Trade Organization 8 ➤ See page 22 Finance and Financial Economics 10 ➤ See page 02 Public Economics and Political Economy 13 A Wealth of Knowledge and Learning… Institutional Economics 18 Industrial Organisation and Labour Economics 19 ...Economics Journals from Cambridge Business and Management 20 Economic History 22 1744-1374_4-1.qxd.goldlabel 15/1/08 09:46 Page 1 14747472_6-3.qxd.1stproof 26/10/07 11:59 Page 1 Economic Growth and Development 22 02662671_23-3.qxd.goldlabel.qxd 2/11/07 08:41 Page 1 81.7/')&+557''(&&.È+550'&*(#--', Journal of Institutional Economics volume 6 issue 3 november 2007 volume 6 issue 3 november 2007 THE JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT ISSN 1744-1374 THE JOURNAL OF THE Journal of Volume 23 Number 3 November 2007 Economics Economics 22 Journal of HISTORY OF Institutional Journal of Journal of Economics Economics Pension Economics Journal of & Finance Pension Economics & F &Philosophy Environmental and Natural Re- Volume 23 Number 3 November 2007 ECONOMIC THOUGHT vol 4 • no 1 • APRIL 2008 Institutional & Economics ➤ See page 22 Pension Economics Phi 81.7/')&+557'' Articles articles Franz Dietrich and Strategy-Proof Judgment Aggregation 269 los source Economics 24 ➤ PMS 109 233 A model of the French pension reserve fund: what could be the optimal See page 10 Christian List &Philosophy THE JOURNAL OF THE Economics contribution path rate? ophy Igor Douven and The Discursive Dilemma as a Lottery Paradox 301 PMS Yellow 012 Yellow PMS Charlie Berger and Anne Lavigne & Finance Jan-Willem Romeijn Contents PMS 329 251 Behavioral effects of employer-sponsored retirement plans: evidence from Watson ◆ MARSHALL’S METAPHORS ON METHOD PP. -
Why Nations Fail: an Alternate Reading
Why Nations Fail: An Alternate Reading Daron Acemoglu and James Robinson’s book Why Nations Fail: The Origins of Power, Prosperity, and Poverty, is nothing if not audacious. The result of 15 years of study, the authors cover a vast spread of historical and contemporary examples of countries that have evolved toward astonishing prosperity and others that are regressing into poverty that defies solutions. They present a simple theory to explain why some nations fail and why some prosper. Through long and highly contingent processes spanning centuries, prosperous nations have developed inclusive political institutions that permit participatory political decision-making across broad interests and groups; economically, they have developed institutions that make a place for creative destruction, or the development of new technologies by new entrants that make existing processes and technologies obsolete. Countries that are not prosperous have developed extractive political and economic institutions that do not permit creative destruction, for the purpose of preserving the power and privileges of a narrow, elite ruling class that exploits the rest of the populace. These are not binary categories, of course, with nations varying in degree between inclusive and extractive institutions, but that is the essence of their theory. They assert political centralization as a key factor in establishing a framework in which growth can occur. Without centralization, groups tend remain mired it internecine conflict, each group impeding other groups from becoming too powerful; the old metaphor comes to mind of crabs being unable to crawl out of a bucket because as soon as one starts to gain some height, others will pull them back down. -
Michele Boldrin Spring 2017 a Primer on Growth Theory
Michele Boldrin Spring 2017 A Primer on Growth Theory Scope The purpose of this course is to introduce you to some of the basic dynamic general equilibrium concepts and models I believe useful to start understanding economic growth and macroeconomic fluctuations. No representative agent with log utility and a Cobb-Douglas production function will be found in this class, you have already seen them. Apart from discussing extensively the little we know, and the lot we do not know, about the empirics of economic growth and business cycles, we will make an effort to understand how to model heterogeneous agents and a disaggregated (or complicated if you like) production structure. Organizational details We will meet six times, for three hours each (with a break in the middle …). We will dedicate each meeting to a specific topic or issue. The first half of the meeting will be dedicated to “teaching the topic” and the second half to “discussing the topic”. I presume you will do some reading before each meeting and I will assign you specific suggestions as the time comes. There are no assigned textbooks, but a number of reference texts are listed below. I will be mailing you additional reading materials week by week, depending on how fast we proceed. Grading I will give you a take-home exam at the end of the course. Topics 1. Growth and Cycles, data and historical facts. The theory of growth and the theory of cycles. Understanding the aggregate neoclassical growth model and the origin of the so-called “new growth theory”. -
Micro-Modeling of Retirement Behavior in Spain
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Social Security Programs and Retirement around the World: Micro-Estimation Volume Author/Editor: Jonathan Gruber and David A. Wise, editors Volume Publisher: University of Chicago Press Volume ISBN: 0-226-31018-3 Volume URL: http://www.nber.org/books/grub04-1 Publication Date: January 2004 Title: Micro-Modeling of Retirement Behavior in Spain Author: Michele Boldrin, Sergi Jiménez-Martín, Franco Peracchi URL: http://www.nber.org/chapters/c10707 9 Micro-Modeling of Retirement Behavior in Spain Michele Boldrin, Sergi Jiménez-Martín, and Franco Peracchi 9.1 Introduction For the average Spaniard receiving a pension still means receiving a public pension. Among retired individuals, those drawing more than 10 percent of their annual income from a private pension plan are a negligible fraction (less than one percent). The situation, while slowly evolving, will not change substantially for another two decades or more. In 1990, the to- tal number of participants in all kinds of private pension plans was of 600,000—less than 5 percent of total employment at the time. Since then, participation in pension funds has increased rapidly but not exceptionally, reaching a total of 4 million at the end of 1999. This is slightly less than 30 percent of current total employment and is mostly composed of individu- als that are at relatively early stages of their working life. It is therefore rea- sonable to expect that, at least for the next two to three decades, the public pension system will remain the fundamental provider of old age income for Spanish citizens. -
Curriculum Vitae Et Studiorum – May 2019 –
Curriculum vitae et studiorum { May 2019 { Pietro Dindo Department of Economics, Ca' Foscari University of Venice Cannaregio 873, 30121 - Venice, Italy E-mail: [email protected] Web-page: http://virgo.unive.it/pietro.dindo/ PERSONAL INFORMATION Date of Birth: 21st December 1976 Place of Birth: Verona (Italy) Nationality: Italian Status: Married Children: Nicola (2007), Tommaso (2009), Federico (2015) ACADEMIC AND RESEARCH POSITIONS February 2016 - Associate Professor, Department of Economics, Ca' Foscari University of Venice. August 2013 - January 2016 Marie Curie International Outgoing Fellow, Department of Economics, Cornell University, Ithaca, NY and Institute of Economics, Sant'Anna School of Advanced Studies, Pisa January 2012 - July 2013 Assistant Professor, Department of Economics and Management, University of Pisa. September 2009 - December 2011 Assistant Professor, Institute of Economics, Sant'Anna School of Advanced Studies, Pisa. December 2006 - August 2009 Post-Doctoral Researcher, Institute of Economics, Sant'Anna School of Advanced Studies, Pisa. EDUCATIONAL QUALIFICATIONS September 2002 - January 2007 PhD in Economics - Tinbergen Institute and University of Amsterdam. Thesis title: Bounded Rationality and Heterogeneity in Economic Dynamic Models (supervised by Cars Hommes and Cees Diks) September 2002 - June 2004 MPhil in Economics - Tinbergen Institute and University of Amsterdam. Thesis title: An Evolutionary Approach to the El Farol Game. October 1995 - October 2000 MSc in Physics - University of Milan. Thesis title: Renormalization Group for a Scalar Field on a Lattice (in Italian). PUBLICATIONS Dindo, P. (2019). \Survival in speculative markets". Journal of Economic Theory, 181, 1{43. Dindo, P., J. Staccioli (2018). \Asset prices and wealth dynamics in a financial market with random demand shocks". -
RAUL SANTAEULALIA-LLOPIS July 30, 2021 Education Current Position(S) Previous Positions Work in Progress
RAUL SANTAEULALIA-LLOPIS July 30, 2021 Department of Economics Place of Birth : Algemes´ı (Valencia), Spain Universitat Autonoma de Barcelona Citizenship : Spanish Plac¸a Civica s/n, Bellaterra, Barcelona 08193, Spain Telephone : 93 581 2708 E-mail : rauls[at]movebarcelona.eu Homepage : http://r-santaeulalia.net Education Ph.D. in Economics, University of Pennsylvania 2008 Thesis Advisor: Prof. Jose-V´ ´ıctor R´ıos-Rull M.Sc. in Economics, University College London 2002 B.A. in Economics, Universitat de Valencia 2000 Current position(s) Beatriz Galindo Senior Researcher, Universitat Autonoma de Barcelona Sep 2019 - Affilated Research Professor, Barcelona Graduate School of Economics Sep 2016 - CEPR Research Fellow Sep 2020 - MOVE Research Fellow Sep 2016 - Previous Positions Associate Professor (with tenure), Universitat Autonoma de Barcelona (UAB) Sep 2018 - 2019 Visiting Scholar OIGI, Minneapolis FED Apr 2018 - 2019 Vice-Director, Markets Organizations and Votes in Economics (MOVE) Jan 2017 - 2019 Assistant Professor, Universitat Autonoma de Barcelona (UAB) Sep 2016 - 2018 Visiting Professor, CEMFI Sep 2015 - 2016 Visiting Professor, Universitat de Valencia Sep 2013 - 2016 Research Fellow, St. Louis FED Sep 2010 - 2016 Research Fellow, Insitute of Public Health, Washington University in St. Louis Sep 2010 - 2016 Assistant Professor, Washington University in St. Louis Sep 2008 - 2016 Work in Progress 5. ‘Progressivity and Development’, with Leandro de Magalhaes and Enric Martorell 4. ‘Resilient Kaldor: Growth Facts with Intellectual Property Products Capital’, with S. Aum and D. Koh First Draft available as Barcelona GSE Working Paper: 1029 3. ‘A Stage-Based Identification of Policy Effects’, with Christian Aleman, Chris Busch and Alex Ludwig First Draft available as Barcelona GSE Working Paper: 1209 2. -
What Happened to the US Stock Market?
What Happened to the U.S. Stock Market? Accounting for the Past 50 Years Michele Boldrin and Adrian Peralta-Alva The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that in the long run the market reverts to well-established fundamentals. The authors’ research suggests this belief should be questioned. First, they show actual dividends cannot account for the secular trends of stock market values. They then consider a more comprehensive measure of capital income, which displays large secular fluctuations that roughly coincide with changes in stock market trends. Under perfect foresight, however, this measure fails to proper ly account for stock market movements. The authors thus abandon the perfect foresight assumption and instead assume that forecasts of future capital income are performed using a distributed lag equation and information available up to the forecasting period only. They find that standard asset-pricing theory can be reconciled with the secular trends in the stock market. This study, nevertheless, leaves open an important puzzle for asset-pricing theory: The market value of U.S. corporations was much lower than the replacement cost of corporate tangible assets from the mid-1970s to the mid-1980s. (JEL E25, G12) Federal Reserve Bank of St. Louis Review, November/December 2009, 91(6), pp. 627-46. tandard (consumption-based) asset- gyrations by appropriately filtering the quarterly pricing models have a hard time explain- movements of aggregate consumption is unlikely ing high-frequency fluctuations in stock to be realized. -
Michele Boldrin David K Levine [20110408] What's Intellectual
What’s Intellectual Property Good for? Michele Boldrin and David K. Levine First version: November 8, 2010 This version: MarchΑπρίλιος 8, 2011 1. Introduction Intellectual property may turn out to be among a handful of themes that will accompany us for most of the XXI century, shaping our economic future and maybe not just that. In spite of having been around – with ups and downs – since the times of James Watt, the controversy over intellectual property started anew in the second half of the 1990s and is likely to grow, in both intensity and relevance, during the decades to come. Behind this renewal of interest we see three main reasons: (i) the emergence of a global economy in which, thanks to the mechanization of a growing number of physical production processes and the growth in average human capital, the role played by creativity and innovation in the production of value added increases at a fast rate; (ii) the increase in the level and the extension in the scope of intellectual property protection that started, in the USA, during the Reagan administration, continued worldwide with the establishment of the WIPO and shows no signs of relenting, yet; (iii) the emergence, after almost a century of apparently unanimous consensus within the legal and economic professions, of a dissenting and heterogeneous set of opinions questioning the legal foundations, the practical usefulness and the internal economic coherence of the existing system of intellectual property. Our contribution to this debate has been threefold. We pointed out, first, that the standard (so called “Schumpeterian”) theory of innovation is grossly at odds both with history and with statistical facts. -
Why Nations Fail FBBVA Lecture
Why Nations Fail FBBVA Lecture Daron Acemoglu and James Robinson MIT May 21, 2012. Acemoglu & Robinson (MIT) Why Nations Fail May 21, 2012. 1 / 47 Introduction The Lay of the Land Western Offshoots 10 9 8 log gdp per capita per gdp log 7 Western E urope Latin America Asia Africa 6 1000 1200 1400 1600 1800 2000 year Figure: The evolution of average GDP per capita in Western Offshoots, Western Europe, Latin America, Asia and Africa, 1000-2000. Acemoglu & Robinson (MIT) Why Nations Fail May 21, 2012. 2 / 47 Main Concepts Inclusive and Extractive Institutions Institutional Origins Framework based on Acemoglu and Robinson Why Nations Fail: The Origins of Power, Prosperity, and Poverty. Economic growth brought forth by: Inclusive economic institutions: Secure property rights, law and order, markets and state support (public services and regulation) for markets; open to relatively free entry of new businesses; uphold contracts; access to education and opportunity for the great majority of citizens, i.e., create incentives for investment and innovation and a level playing field. But most societies throughout history and today ruled by Extractive economic institutions: Designed by the politically powerful elites to extract resources from the rest of society. Acemoglu & Robinson (MIT) Why Nations Fail May 21, 2012. 3 / 47 Main Concepts Inclusive and Extractive Institutions Synergies Inclusive and extractive economic institutions do not exist in a vacuum, but are supported by certain political institutions. Extractive political institutions– in the limit “absolutism”: Political institutions concentrating power in the hands of a few, without constraints, checks and balances or “rule of law”. -
Acemoglu, Daron & James R. Robinson. Why Nations Fail
Journal of International and Global Studies Volume 6 Number 2 Article 17 4-1-2015 Acemoglu, Daron & James R. Robinson. Why Nations Fail: the origins of power, prosperity and poverty. New York: Crown Publishing, 2012. Maximiliano E. Korstanje Ph.D. University of Palermo, Argentina, [email protected] Follow this and additional works at: https://digitalcommons.lindenwood.edu/jigs Part of the Anthropology Commons, Critical and Cultural Studies Commons, Environmental Studies Commons, and the Sociology Commons Recommended Citation Korstanje, Maximiliano E. Ph.D. (2015) "Acemoglu, Daron & James R. Robinson. Why Nations Fail: the origins of power, prosperity and poverty. New York: Crown Publishing, 2012.," Journal of International and Global Studies: Vol. 6 : No. 2 , Article 17. Available at: https://digitalcommons.lindenwood.edu/jigs/vol6/iss2/17 This Book Review is brought to you for free and open access by the Journals at Digital Commons@Lindenwood University. It has been accepted for inclusion in Journal of International and Global Studies by an authorized editor of Digital Commons@Lindenwood University. For more information, please contact [email protected]. Acemoglu, Daron & James R. Robinson. Why Nations Fail: the origins of power, prosperity and poverty. New York: Crown Publishing, 2012. This fascinating best-seller combines numerous studies with a conceptual discussion around the idea that some nations may reach development and its benefits while others fail in that goal. Tracing a convincing argument, the contributing authors explain that two countries formed by the same ethnicity, demography, and topography may reach different levels of development, wealth, education, and heath. Understanding why this happens is the primary attempt of the project. -
Reform Failure and Underdevelopment in Egypt: an Institutional Explanation Marissa Block Trinity College, [email protected]
Trinity College Trinity College Digital Repository Senior Theses and Projects Student Works Spring 2014 Reform Failure and Underdevelopment in Egypt: An Institutional Explanation Marissa Block Trinity College, [email protected] Follow this and additional works at: http://digitalrepository.trincoll.edu/theses Recommended Citation Block, Marissa, "Reform Failure and Underdevelopment in Egypt: An Institutional Explanation". Senior Theses, Trinity College, Hartford, CT 2014. Trinity College Digital Repository, http://digitalrepository.trincoll.edu/theses/417 Reform Failure and Underdevelopment in Egypt: An Institutional Explanation By Marissa Block Submitted to the International Studies Program, Trinity College Supervised by Professor Rasha Ahmed © April 30, 2014 Abstract The January 25 Revolution in Egypt and the larger wave of demonstrations throughout the Arab World shattered the façade of stability and have brought the region to a critical juncture. The underlying causes of the Arab Spring point to the preponderance of socioeconomic issues, namely unemployment, poverty, and lack of social mobility. Yet, in the late 1990s in Egypt, Mubarak initiated a series of economic reforms designed to sustain economic growth. In light of the 2011 Egyptian uprisings, I seek to understand the failures of economic reform and persistence of underdevelopment in Egypt through the framework of new institutional economics. Ultimately, economic outcomes are determined by economic and political institutions, which are predicated upon the distribution of political power. I model the behavior of development-enhancing institutions as a stable equilibrium, whereas development-stunting institutions are unstable, leading to extreme outcomes. Through the use of historical evidence, my analysis has shown Egyptian society is largely built upon development-stunting institutions.