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Dissimilarities in Economic Evolution

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  • Kalle Moene

    (ESOP, Department of Economics, University of Oslo, Norway)

Abstract

To explain why some countries are rich and others poor, I provide a brief overview of A Study in the Theory of Economic Evolution that Trygve Haavelmo published in 1954, before I elaborate on some features inspired by it. I incorporate grabbing activities into a dynamic development model, emphasizing how small differences in initial resources and institutions may create dissimilarities and big gaps between potentially similar countries, how poverty can arise in the midst of potential affluence, how abundance (of natural resources) and scarcity (of entrepreneurial talents) can be wasteful and harmful to economic growth—in particular when institutions are bad.

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File URL: http://www.nopecjournal.org/NOPEC_2012_a04.pdf
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Bibliographic Info

Article provided by Nordic Journal of Political Economy in its journal Nordic Journal of Political Economy.

Volume (Year): 37 (2012)
Issue (Month): ()
Pages: 4

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Handle: RePEc:noj:journl:v:37:y:2012:p:4

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  1. Karl Ove Moene & Asbjorn Rodseth, 1991. "Nobel Laureate: Trygve Haavelmo," Journal of Economic Perspectives, American Economic Association, vol. 5(3), pages 175-192, Summer.
  2. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1988. "Industrialization and the Big Push," NBER Working Papers 2708, National Bureau of Economic Research, Inc.
  3. Krueger, Anne O, 1974. "The Political Economy of the Rent-Seeking Society," American Economic Review, American Economic Association, vol. 64(3), pages 291-303, June.
  4. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2002. "Institutions and the resource curse," GE, Growth, Math methods 0210004, EconWPA.
  5. Mehlum,H. & Moene,K. & Torvik,R., 2000. "Predator or prey? : parasitic enterprises in economic development," Memorandum 27/2000, Oslo University, Department of Economics.
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