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Economic Policies, Economic Shocks and Economic Growth

In: New Theories in Growth and Development

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  • William Easterly

Abstract

Why do we care so much about economic growth? Figure 9.1 shows the path of output in the most famous recent case of successful development, South Korea. The graph shows how Korea compares at different points in time to the per capita incomes of nations today. In a generation Korea has gone from being at the income level of Somalia to being at the income level of Portugal. With that kind of revolution in living standards possible, one can sympathise with Lucas, that ‘once you start to think about growth, it’s hard to think about anything else’.

Suggested Citation

  • William Easterly, 1998. "Economic Policies, Economic Shocks and Economic Growth," Palgrave Macmillan Books, in: Fabrizio Coricelli & Massimo di Matteo & Frank Hahn (ed.), New Theories in Growth and Development, chapter 9, pages 227-250, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26270-0_9
    DOI: 10.1007/978-1-349-26270-0_9
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    Cited by:

    1. Fidrmuc, J., 1999. "The political economy of reforms in Central and Eastern Europe," Other publications TiSEM 637933e9-523a-4ad8-ba7d-2, Tilburg University, School of Economics and Management.
    2. Park, Donghyun, 1998. "A proposal for measuring the benefits of policy-oriented social science research," Impact assessments 3, International Food Policy Research Institute (IFPRI).

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