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Elite Quality Report 2020

Author

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  • Tomas, Casas i Klett
  • Guido, Cozzi

Abstract

Elites are an empirical inevitability, dominating all political economies. They provide necessary coordination capacity for the economy’s resources, whether human, financial or knowledge-based. By determining institutions that enable coordination, elites shape human and economic development, the destiny of societies, the wealth of nations, and their rise and fall. To sustain their position, elites run business models that accumulate wealth. High-quality elites run Value Creation business models that give more to society than they take. Low-quality elites do the opposite and operate Value Extraction models. We present the first-ever international measurement of Elite Quality, the Elite Quality Index (EQx) for 32 countries. We use 72 Indicators describing Value Creation Extraction. The Index architecture includes Power (Sub-Index I), a measurement of future Value Extraction potential, and Value itself (Sub-Index II) and 12 Pillars (e.g. Creative Destruction, Human Capture or Producer Rent).

Suggested Citation

  • Tomas, Casas i Klett & Guido, Cozzi, 2020. "Elite Quality Report 2020," MPRA Paper 102768, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:102768
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    File URL: https://mpra.ub.uni-muenchen.de/102768/1/MPRA_paper_102768.pdf
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    References listed on IDEAS

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    1. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    2. Casas i Klett, Tomas & Cozzi, Guido & Diebold, Celine & Zeller, Camille, 2020. "Measuring Elite Quality," MPRA Paper 102068, University Library of Munich, Germany.
    3. Daron Acemoglu & Suresh Naidu & Pascual Restrepo & James A. Robinson, 2019. "Democracy Does Cause Growth," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 47-100.
    4. Lukasz Rachel & Lawrence H. Summers, 2019. "On Secular Stagnation in the Industrialized World," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 1-76.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Index; elite quality; institutions; value creation; rent seeking; crony capitalism.;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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