Theories and empirics of economic growth
This dissertation consists of three chapters on endogenous population, market imperfections and economic growth. Chapter 1 develops a growth model, with endogenous fertility and imperfect capital markets, in which altruism and self-interest govern fertility decisions while capital market imperfectio...
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| Médium: | Dissertation |
| Jazyk: | angličtina |
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ProQuest Dissertations & Theses
01.01.2005
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| ISBN: | 0542127059, 9780542127052 |
| On-line přístup: | Získat plný text |
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| Shrnutí: | This dissertation consists of three chapters on endogenous population, market imperfections and economic growth. Chapter 1 develops a growth model, with endogenous fertility and imperfect capital markets, in which altruism and self-interest govern fertility decisions while capital market imperfections reflect institutional corruption. Fertility decisions are motivated by the necessity to finance old age, as well as by the utility children provide. If the degree of fiscal corruption is high, fertility increases as an alternative form of savings, and is positive even when all tax revenue is returned as lump-sum payment; subsidies may help to restore optimality. As fiscal corruption vanishes, fertility decreases; reflecting a substitution effect between savings and children. This chapter sheds new light on the debates surrounding human populations. Chapter 2 examines how the evolution of time preference is correlated with long-run economic growth. It elaborates on a growth theory that accounts for the evolution of time preference, the development of the underlying selection mechanism and the accumulation of physical capital and human capital since the early Neolithic Revolution. Results in this chapter indicate that differences in rates of time preference may account for the observed income inequality across households and across societies. My findings document the decline of interest rates (in the years leading to Industrial Revolution) as a consequence of changes in the distribution of individuals who highly value future consumption, and identify particular traits that different dynasties pass along to succeeding generations. The last chapter documents the extent to which poor economic performance in Africa can be explained by corruption, political instability, civil wars, insufficient political rights, and a lack of political and economic openness. It asserts that institutional and policy factors play a crucial role in explaining the growth process of sub-Saharan African countries in the past forty years. Results in this chapter suggest that the determinants of growth in Africa resemble the determinants of growth for the rest of, the world, and that sound institutions and policies will create appropriate incentives and promote sustained growth in sub-Saharan Africa. However, they also suggest that the challenges of creating such institutions should not be underestimated. |
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| Bibliografie: | SourceType-Dissertations & Theses-1 ObjectType-Dissertation/Thesis-1 content type line 12 |
| ISBN: | 0542127059 9780542127052 |