Markets, Technological Change and Economic Growth (The Quaid-i-Azam Lecture)

1994 ◽  
Vol 33 (4I) ◽  
pp. 327-356 ◽  
Author(s):  
Richard G. Lipsey
Keyword(s):  
United States ◽  
Economic Growth ◽  
Developing Countries ◽  
Common Ground ◽  
The United States ◽  
Industrial Countries ◽  
Canadian Institute ◽  
Primary Focus ◽  
Short Time

I am honoured to be invited to give this lecture before so distinguished an audience of development economists. For the last 21/2 years I have been director of a project financed by the Canadian Institute for Advanced Research and composed of a group of scholars from Canada, the United States, and Israel.I Our brief is to study the determinants of long term economic growth. Although our primary focus is on advanced industrial countries such as my own, some of us have come to the conclusion that there is more common ground between developed and developing countries than we might have first thought. I am, however, no expert on development economics so I must let you decide how much of what I say is applicable to economies such as your own. Today, I will discuss some of the grand themes that have arisen in my studies with our group. In the short time available, I can only allude to how these themes are rooted in our more detailed studies. In doing this, I must hasten to add that I speak for myself alone; our group has no corporate view other than the sum of our individual, and very individualistic, views.

“The Death of Liberal Internationalism?: Donald Trump, Walmart, and the Two Koreas”

2018 ◽  
Vol 25 (2) ◽  
pp. 169-197
Author(s):  
Mitchell B. Lerner
Keyword(s):  
United States ◽  
The United States ◽  
Business Practices ◽  
Short Term ◽  
New Approach ◽  
Liberal Internationalism ◽  
The People ◽  
Modern Business ◽  
Short Time

The election of Donald J. Trump unsettled many areas of U.S. foreign policy, but few more than the nation’s relationship with Korea. This article argues that the Trump administration’s vision for the world represents a stark break from the tradition of liberal internationalism and instead seeks to take the United States down a path that reflects the modern business practices of giant American corporations. A suitable label for this vision, as the following pages will show, is “Walmart unilateralism.” This framework abandons the traditional American policies of nation building and alliances based on shared ideological values. Instead, it embraces a more short-term approach rooted in financial bottom lines, flexible alliances and rivalries, and the ruthless exploitation of power hierarchies. This new approach, this article concludes, may dramatically transform the American relationship with Korea. Walmart unilateralism in Korea almost certainly will have some short-time positive ramifications for the United States, but its larger failure to consider the history and values of the people living on the Korean Peninsula may generate serious long-term problems for the future experience of the United States in the region.

Introduction

2020 ◽  
pp. 1-30
Author(s):  
B. Zorina Khan
Keyword(s):  
United States ◽  
Economic Growth ◽  
Technological Change ◽  
Knowledge Economy ◽  
The United States ◽  
Men And Women ◽  
Modern Knowledge ◽  
Wealth Of Nations

Knowledge and ideas, incentives, and institutions are central for understanding technological change and long-term economic growth. This book bridges the current disconnect between the economics of technological change and the analysis of institutions. The discussion draws on detailed information about the experience of over one hundred thousand ingenious men and women in Britain, France, and the United States, whose inventions helped to create the modern knowledge economy. These results overturn longstanding myths of invention about elites, innovation prizes, and “entrepreneurial states,” and instead highlight the pivotal role of property rights and markets in ideas in explaining technological progress and the wealth of nations.

Over-indebtedness of Russians: Myth or reality?

2018 ◽  
pp. 85-104 ◽  
Author(s):  
O. E. Kuzina ◽  
N. A. Krupenskiy
Keyword(s):  
United States ◽  
Interest Rate ◽  
The United States ◽  
Short Term ◽  
High Interest Rate ◽  
Consumer Loans ◽  
The Family ◽  
The World ◽  
Short Time

The main objective of the study is to assess the level of indebtedness and over-indebtedness of Russians. Despite the fact that according to official statistics, the level of household indebtedness in Russia is one of the lowest in the world, the percentage share of non-performing loans is higher than in the countries with a higher level of household indebtedness. During 2015—2017, every fourth of those who had an outstanding loan in Russia spent more than 30% of his or her income on paying back a loan. The reason is that in Russia, within retail lending consumer loans prevail over mortgages. Consumer loans are taken for a short time and at a high interest rate. As a result, debt service of relatively small loans creates a greater burden on the family budget for Russians than in Europe and the United States. In this context, the increase of retail lending can only be sustainable if banks change their business model and transit from short-term consumer credits to long-term loans secured by real estate or other assets.

Aid, China, and Growth: Evidence from a New Global Development Finance Dataset

2021 ◽  
Vol 13 (2) ◽  
pp. 135-174
Author(s):  
Axel Dreher ◽  
Andreas Fuchs ◽  
Bradley Parks ◽  
Austin Strange ◽  
Michael J. Tierney
Keyword(s):  
United States ◽  
Economic Growth ◽  
Developing Countries ◽  
Financial Support ◽  
The United States ◽  
Global Development ◽  
Short Term ◽  
Development Finance ◽  
Percentage Points ◽  
Overall Effectiveness

This article introduces a new dataset of official financing from China to 138 developing countries between 2000 and 2014. It investigates whether Chinese development finance affects economic growth in recipient countries. The results demonstrate that Chinese development finance boosts short-term economic growth. An additional project increases growth by between 0.41 and 1.49 percentage points 2 years after commitment, on average. While this study does not find that significant financial support from China impairs the overall effectiveness of aid from Western donors, aid from the United States tends to be more effective in countries that receive no substantial support from China. (JEL F35, O19, O47, P33, P34)

scholarly journals Does international tourism spur international trade and output? Evidence from wavelet analysis

2018 ◽  
Vol 25 (1) ◽  
pp. 22-33 ◽  
Author(s):  
Mukesh Kumar ◽  
Sanjeev Prashar ◽  
RK Jana
Keyword(s):  
United States ◽  
Economic Growth ◽  
International Trade ◽  
Wavelet Analysis ◽  
The United States ◽  
International Tourism ◽  
Monthly Data ◽  
Time Frequency

In this article, we attempt to examine the nexus of trade, economic growth, and international tourism. We resort to wavelet-based analysis to capture the time–frequency-based lead–lag dynamics of this nexus. Considering the monthly data spanning from January 1999 to February 2018 for the United States, we find the evidence that (a) increasing trade leads to higher tourist inflows (in terms of receipts), (b) tourist receipts are lagged by economic growth, and (c) these relationships are significant in the long term. We believe that these results are crucial for policymakers to frame policies regarding tourism in the United States.

3. Growth Unlimited

2021 ◽  
pp. 53-72
Author(s):  
John S. Dryzek
Keyword(s):  
Climate Change ◽  
United States ◽  
Economic Growth ◽  
The United States ◽  
Resource Scarcity ◽  
Natural Systems ◽  
Earth Systems ◽  
Human Control ◽  
Long Term Trends

This chapter covers a response to the discourse of limits which stresses the unlimited capacity of ingenious humans to overcome ecological limits, especially when they are organized in capitalist markets. For Prometheans, long term trends show environmental improvement and declining resource scarcity, such that economic growth can therefore go on forever. This Promethean discourse has often been advanced by market economists, and has often been highly influential in government, especially in the United States. More recently a Promethean environmentalism looks forward to a ‘good Anthropocene’ in which government too plays a role in bringing natural systems under benign human control, so that technologies such as geoengineering can be used effectively against problems such as climate change. In the background of Promethean argument is an older cornucopian discourse that stresses natural abundance of resources and the capacity of ecosystems to absorb pollutants. Ecologists and Earth systems scientists are not convinced and remain critical of Promethean discourse.

Chapter II. The World Economy

1972 ◽  
Vol 61 ◽  
pp. 26-39
Keyword(s):  
United States ◽  
Economic Growth ◽  
North America ◽  
World Economy ◽  
Western Europe ◽  
The United States ◽  
Real Output ◽  
Sharp Rise ◽  
Industrial Countries ◽  
The World

Production in the industrial countries has been increasing a little faster than we suggested in May—notably in the United States, where there was a sharp rise in the rate of economic growth in the second quarter. But our forecast of the growth in the aggregate real output of the members of OECD is still in the 5-5½ per cent range for this year. We put it a little higher for 1973, when we expect a slightly slower rate of expansion in North America to be outweighed by faster growth in Japan and Western Europe.

The Role of the Inter-American Drug Abuse Control Commission (CICAD): Confronting the Problem of Illegal Drugs in the Americas

2010 ◽  
Vol 52 (2) ◽  
pp. 139-165
Author(s):  
Betty Horwitz
Keyword(s):  
United States ◽  
Latin America ◽  
Latin American ◽  
Common Ground ◽  
The United States ◽  
Illegal Drug ◽  
Common Drug ◽  
American States

AbstractThe illegal drug trade has become a serious threat for the Americas. Is a multilateral approach to combat it possible? This article proposes that the United States and Latin America are finding ways to use multilateral organisms to confront this threat and examines as an example the role of CICAD in setting a cooperative agenda to develop an antidrug regime. CICAD has established common ground for long-term cooperation in certain areas. But common drug strategies in the Americas require the support of the United States and the cooperation of Latin American states, both of which are still works in progress. Therefore the future of the CICAD-inspired antidrug regime will depend on whether the United States and Latin America will cooperate to define the illegal drug threat in the same way and bestow on CICAD the authority necessary to address it.

scholarly journals Why Have Economic Reforms in Mexico Not Generated Growth?

2010 ◽  
Vol 48 (4) ◽  
pp. 1005-1027 ◽  
Author(s):  
Timothy J Kehoe ◽  
Kim J Ruhl
Keyword(s):  
United States ◽  
Economic Growth ◽  
Developing Countries ◽  
Foreign Investment ◽  
Economic Reforms ◽  
The United States ◽  
Trade Theory ◽  
Real Gdp ◽  
Working Age ◽  
Catch Up

Following its opening to trade and foreign investment in the mid-1980s, Mexico's economic growth has been modest at best, particularly in comparison with that of China. Comparing these countries and reviewing the literature, we conclude that the relation between openness and growth is not a simple one. Using standard trade theory, we find that Mexico has gained from trade, and by some measures, more so than China. We sketch out a theory in which developing countries can grow faster than the United States by reforming. As a country becomes richer, this sort of catch-up becomes more difficult. Absent continuing reforms, Chinese growth is likely to slow down sharply, perhaps leaving China at a level less than Mexico's real GDP per working-age person. (JEL E23, E65, F14, O10, O20, O47)

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