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The relative choice over destiny in a country’s long-run economic growth and economic affluence
Cogent Economics & Finance Pub Date : 2021-07-19 , DOI: 10.1080/23322039.2021.1949133
Esubalew Tadele 1 , Teshome Sirany 2
Affiliation  

Abstract

This paper examines an in-depth and systematic review of why some nations are so rich, while others remain so poor taking into account temporal and spatial dynamics applied for economic growth covariants. Growth literature underscores direct and indirect causes for economic growth. Likewise, economic and non-economic dynamics are thoroughly examined for countries’ long-run economic growth and relative wealth accumulation. Endogenous growth theories emphasized that investment in human capital, innovation, and knowledge are major contributors to economic growth. Empirics confirmed that time-variant (such as well-established institutions and their prominent role in devising property rights and policies) gives more emphasis towards shaping a country’s long-run economic growth than time-invariant exogenous attributes (like geography). Meanwhile, some nations did not industrialize being geographically advantageous, and the location of the country does not exclusively determine the fate of the nation’s economic success. Moreover, state capacity is vital to determining relative wealth accumulation and economic prosperity. The incidence of routine war undermines the fiscal capacity and leads to an extractive form of government and weakens public and private investments, and this sets a country into undesirable outcomes. In a nutshell, time-varying attributes become more flexible to adjust the fate of countries’ economic growth and destiny. Furthermore, it requires an intense investigation of what governs a nation’s economic successes or failures focusing on country-specific concerns. It needs a close and continuous rectification to reconsider the country’s institutional setup and policy frameworks towards endogenously rooted economic growth and development for the relative economic affluence.



中文翻译:

一国长期经济增长与经济富裕程度的相对命运选择

摘要

考虑到适用于经济增长协变量的时间和空间动态,本文对为什么一些国家如此富裕而另一些国家如此贫穷的原因进行了深入和系统的审查。增长文献强调了经济增长的直接和间接原因。同样,对国家长期经济增长和相对财富积累的经济和非经济动态进行了彻底检查。内生增长理论强调对人力资本、创新和知识的投资是经济增长的主要贡献者。经验证实,与时变外生属性(如地理)相比,时变(如完善的制度及其在制定产权和政策方面的突出作用)更强调塑造一个国家的长期经济增长。同时,一些没有工业化的国家具有地理优势,国家的位置并不完全决定国家经济成功的命运。此外,国家能力对于决定相对财富积累和经济繁荣至关重要。例行战争的发生削弱了财政能力,导致政府采取榨取式的形式,削弱公共和私人投资,从而使一个国家陷入不良后果。简而言之,时变属性变得更加灵活,可以更灵活地调整国家经济增长和命运的命运。此外,它需要深入调查是什么决定了一个国家的经济成败,重点关注国家特定的问题。

更新日期:2021-07-19
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