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"Vollrath challenges our long-held assumption that growth is the best indicator of an economy’s health. Most economists would agree that a thriving economy is synonymous with GDP growth. The more we produce and consume, the higher our living standard and the more resources available to the public. This means that our current era, in which growth has slowed substantially from its postwar highs, has raised alarm bells. But should it? Is growth actually the best way to measure economic success—and does our slowdown indicate economic problems? The counterintuitive answer Dietrich Vollrath offers is: No. Looking at the same facts as other economists, he offers a radically different interpretation. Rather than a sign of economic failure, he argues, our current slowdown is, in fact, a sign of our widespread economic success. Our powerful economy has already supplied so much of the necessary stuff of modern life, brought us so much comfort, security, and luxury, that we have turned to new forms of production and consumption that increase our well-being but do not contribute to growth in GDP. In Fully Grown, Vollrath offers a powerful case to support that argument. He explores a number of important trends in the US economy: including a decrease in the number of workers relative to the population, a shift from a goods-driven economy to a services-driven one, and a decline in geographic mobility. In each case, he shows how their economic effects could be read as a sign of success, even though they each act as a brake of GDP growth. He also reveals what growth measurement can and cannot tell us—which factors are rightly correlated with economic success, which tell us nothing about significant changes in the economy, and which fall into a conspicuously gray area. Sure to be controversial, Fully Grown will reset the terms of economic debate and help us think anew about what a successful economy looks like." -- Publisher's description.

Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Econometric models. --- Technological innovations. --- economic growth. --- slowdown. --- stagnation. --- success. --- Economic development - United States --- Economic development - Technological innovations --- Economic development - Econometric models

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Research on credit markets from developing economies, as well as work on the origin of institutions in general, has suggested that land inequality may play a role in determining financial development. In this paper we establish empirically that initial land inequality is a significant predictor of financial depth across countries, even while controlling for other predictors such as legal origin, ethnic fractionalization, and income inequality. To examine this relationship we have created a new measure of land distribution within countries that builds upon the work of Deininger and Squire (1998) by explicitly accounting for landlessness. In addition to being a significant predictor of financial development, land inequality is found to be uncorrelated with other fundamental characteristics of economies, suggesting its possible use in a wider range of research.

Banks and Banking --- Finance: General --- Macroeconomics --- Public Finance --- Aggregate Factor Income Distribution --- Financial Markets and the Macroeconomy --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Finance --- Public finance & taxation --- Banking --- Income inequality --- Income distribution --- Financial sector development --- Legal support in revenue administration --- Commercial banks --- Financial services industry --- Revenue --- Banks and banking --- Japan --- Land reform. --- Economic policy.

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Economic development --- Economic indicators

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The literature has shown that the implied welfare gains from international financial integration are very small. We revisit the existing findings and document that welfare gains can be substantial under two scenarios: a) the costs of remaining in autarky are worse than the standard neo-classical model would predict, and b) financial integration has a direct affect on total factor productivity. By estimating the implied path of convergence of rates of return from the actual data and calibrating the welfare gains based on this path, we find that the benefits are nearly 4.3 times larger than the previous estimates. We also find welfare gains are at least 2 times larger than those estimated ignoring the productivity effect. The combined effect of realistic convergence and endogenous productivity as a result of financial integration is equivalent to a nearly 15% permanent increase in consumption.

Zonder onderwerpscode: economie

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