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Myths and Realities of Long-run Development: A Look at Deeper Determinants

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Author Info
Lubna Hasan (Pakistan Institute of Development Economics, Islamabad)

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Abstract

It has long been realised that factor accumulation and technological development are only proximate causes of economic development, and focus has now shifted to investigating the ‘deeper determinants’ of economic growth. Two such forces are highlighted in literature: institutions and geography. However, it remains controversial as to which of these two is the more important. The “Institutions school” assigns primal importance to institutions, whereas the “Geography school” considers geographical factors as the primary determinant of economic performance of countries. This paper reviews the debate surrounding these “deeper determinants” of economic performance. It reviews the work of these two schools of thought and their interpretation of the long-run development. The paper then examines the evidence provided by the respective schools in favour of their hypotheses. It concludes in favour of the Institutions hypothesis as the Geography school does not provide a consistent story of long-run development

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File URL: http://www.pide.org.pk/pdf/Working%20Paper/Working%20Paper%202006-12.pdf
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Publisher Info
Paper provided by Pakistan Institute of Development Economics in its series PIDE-Working Papers with number 2006:12.

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Length: 37 pages.
Date of creation: 2006
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Handle: RePEc:pid:wpaper:12

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Related research
Keywords: Institutions Geography Long-run Development Deeper Determinants of Growth

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Find related papers by JEL classification:
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
N00 - Economic History - - General - - - General
P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
R11 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Analysis of Growth, Development, and Changes

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References listed on IDEAS
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  1. Greif, Avner & Milgrom, Paul & Weingast, Barry R, 1994. "Coordination, Commitment, and Enforcement: The Case of the Merchant Guild," Journal of Political Economy, University of Chicago Press, vol. 102(4), pages 745-76, August. [Downloadable!] (restricted)
  2. Aron, Janine, 2000. "Growth and Institutions: A Review of the Evidence," World Bank Research Observer, Oxford University Press, vol. 15(1), pages 99-135, February. [Downloadable!]
  3. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December. [Downloadable!] (restricted)
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  4. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-48, June. [Downloadable!] (restricted)
  5. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal Of Fortune: Geography And Institutions In The Making Of The Modern World Income Distribution," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1231-1294, November. [Downloadable!] (restricted)
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  6. Edward L. Glaeser & Andrei Shleifer, 2002. "Legal Origins," The Quarterly Journal of Economics, MIT Press, vol. 117(4), pages 1193-1229, November. [Downloadable!] (restricted)
    Other versions:
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