The Reversal of Fortune Thesis Reconsidered
AbstractAcemoglu, Johnson, and Robinson have claimed that the world income distribution underwent a ‘Reversal of Fortune’ from 1500 to the present, whereby formerly rich countries in what is now the developing world became poor while poor ones grew rich. We question their analysis with regard to both of their proxies for pre-modern income, namely urbanisation and population density. More specifically, an alternative measure of urbanisation with more observations generates a positive (but not significant) correlation between pre-modern and contemporary income, while a better measure of population density on arable land no longer produces a robust relationship.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Development Studies.
Volume (Year): 48 (2011)
Issue (Month): 7 (December)
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Other versions of this item:
- Sanghamitra Bandyopadhyay & Elliott D. Green, 2010. "The reversal of fortune thesis reconsidered," LSE Research Online Documents on Economics 41260, London School of Economics and Political Science, LSE Library.
- Sanghamitra Bandyopadhyay & Elliott Green, 2010. "The Reversal of Fortune Thesis Reconsidered," STICERD - Economic Organisation and Public Policy Discussion Papers Series 016, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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