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Markets and Growth

In: Explaining Growth

Author

Listed:
  • Štěpán Jurajda
  • Janet Mitchell

Abstract

Markets are the mechanisms through which economic resources are channelled and where economic incentives are set. Hence, their functioning is critical to both static and dynamic efficiency as well as to the responsiveness of the economy to shocks. While both product and factor markets are important in allocating resources, factor markets also influence the rate of resource-creation.2 This chapter affirms that markets are crucial to growth and combines suggestions of Topel (1999) and Pritchett (2000) to argue that country-specific markets should be a principal focus of future research on growth.

Suggested Citation

  • Štěpán Jurajda & Janet Mitchell, 2003. "Markets and Growth," International Economic Association Series, in: Gary McMahon & Lyn Squire (ed.), Explaining Growth, chapter 4, pages 117-158, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-4039-9010-5_4
    DOI: 10.1057/9781403990105_4
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    Citations

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    Cited by:

    1. Yuri Andrienko & Sergei Guriev, 2004. "Determinants of interregional mobility in Russia," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(1), pages 1-27, March.
    2. Edward B. Barbier, 2008. "Trade, Natural Resources and Developing Countries," Chapters, in: Kevin P. Gallagher (ed.), Handbook on Trade and the Environment, chapter 5, Edward Elgar Publishing.
    3. Štěpán Jurajda & Janet Mitchell, 2003. "Markets and Growth," International Economic Association Series, in: Gary McMahon & Lyn Squire (ed.), Explaining Growth, chapter 4, pages 117-158, Palgrave Macmillan.
    4. Larisa Lubarova & Oleg Petrushin & Artur Radziwill, 2000. "Is Moldova Ready to Grow? Assessment of Post-crisis Policies (1999-2000)," CASE Network Studies and Analyses 0220, CASE-Center for Social and Economic Research.
    5. Nauro F. Campos & Abrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 793-836, September.
    6. Natalia Presman & Arie Arnon, 2006. "Commuting patterns in Israel 1991-2004," Bank of Israel Working Papers 2006.04, Bank of Israel.
    7. Sergei Guriev & Barry W. Ickes, 2000. "Microeconomic Aspects of Economic Growth in Eastern Europe and the Former Soviet Union, 1950-2000," William Davidson Institute Working Papers Series 348, William Davidson Institute at the University of Michigan.
    8. Yuri Andrienko & Sergei Guriev, 2003. "Determinants of Interregional Mobility in Russia: Evidence from Panel Data," William Davidson Institute Working Papers Series 551, William Davidson Institute at the University of Michigan.
    9. Edward Barbier, 2010. "Corruption and the Political Economy of Resource-Based Development: A Comparison of Asia and Sub-Saharan Africa," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 46(4), pages 511-537, August.
    10. Natalia Presman & Arie Arnon, 2000. "Commuting Patterns in Israel," Regional and Urban Modeling 283600076, EcoMod.

    More about this item

    Keywords

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    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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