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Changes in the wealth of nations

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  • Stephen L. Parente
  • Edward C. Prescott

Abstract

This study systematically examines the distribution of the wealth of nations and how it has evolved over time. A nation's wealth is measured by its real per-capita gross domestic product. The study documents the following key economic development facts that a theory of economic development must be consistent with: There is a great disparity in wealth between the richest and poorest countries. This disparity has changed little in the postwar period. There was an upward shift in the distribution of the wealth of nations. There has been considerable relative wealth mobility, with some spectacular changes for individual countries in the distribution.

Suggested Citation

  • Stephen L. Parente & Edward C. Prescott, 1993. "Changes in the wealth of nations," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 17(Spr), pages 3-16.
    • Handle: RePEc:fip:fedmqr:y:1993:i:spr:p:3-16:n:v.17no.2
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    References listed on IDEAS

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    1. Gary S. Becker & Kevin M. Murphy & Robert Tamura, 1994. "Human Capital, Fertility, and Economic Growth," NBER Chapters, in: Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education, Third Edition, pages 323-350, National Bureau of Economic Research, Inc.
    2. Solow, Robert M., 2000. "Growth Theory: An Exposition," OUP Catalogue, Oxford University Press, edition 2, number 9780195109030.
    3. Costas Azariadis & Allan Drazen, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 105(2), pages 501-526.
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