18,610 research outputs found
Structural Change and the Environment
No full textStructural change usually refers to changes in the employment and value-added composition of an economy, driven by the evolution of markets, technology and demand. The composition of the economy—sector shares and sector integration at the national and global level—helps explain key aggregate indicators such as labour productivity. In terms of the environment, ‘environmental productivity’ (Gilli et al. 2014; Gilli et al. 2013) is one of the key factors that could help define a sustainable path in line with a structural change oriented sustainable development perspective.
Seminal analyses related to structural change (McMillan & Rodrik 2011; Timmer & Szirmai 2000) emphasize the role of structural change as a driver of differential growth across countries due to heterogeneous shifts from low to high value-added activities. Asia is often used as an example of this, with many Asian countries having shifted their production structures from low to high value-added sectors, especially when compared with South America and Africa, which have seen shifts in the opposite direction
ADAM SMITH'S OPTIMISTIC TELEOLOGICAL VIEW OF HISTORY
No full textAdam Smith's four-stage theory provides the framework for his writings on history. The fourth stage is the commercial epoch; the culmination of history in this stage is a key component in the conventional interpretation of Adam Smith as a prophet of commercialism. In two historical case studies Smith shows the capacity of commercial society to regenerate itself. This potent capacity suggests that commercial society is inevitable. At a certain point in time it also overcomes the major obstacles to its permanence. Smith's philosophy of history anticipates the end of history views of Kant and Hegel.Political Economy,
Innovation and Productivity in Latin American and Caribbean Firms: Conclusions
No full textThis chapter summarizes the main results of the book, presenting new evidence on the factors preventing faster productivity growth in Latin America and the Caribbean. Innovation significantly influences the productivity of firms, although to different degrees depending on their characteristics. The evidence confirms that the impact of innovation on productivity depends also on additional complementary assets, such as access and use of ICT and on-the-job training. These conclusions also hold true for the Caribbean economies, traditionally understudied. Additional factors that can influence productivity have also been detected, such as the age of firms, their access to credit and finance, and their participation in international markets and global value chains. On the basis of this evidence, we suggest that achieving efficiency improvements within firms requires detailed microeconomic policies that directly address these factors
Angus Maddison and Development Economics
No full textThis paper was prepared for the Angus Maddison Memorial conference, held in November 2010 at the International Institute of Social History in Amsterdam. The paper reflects on Angus Maddison's contributions to development economics. It focuses on the following issues: 1. quantification in development economics and the framework of proximate and ultimate causality in growth and development; 2 the debate about levels of GDP per capita in the middle of the eighteenth century; 3 Maddison versus the Malthusians; 4 measurement of Chinese Economic Performance in the long run; 5. the impact of Western expansion on the non-Western world and 6. the role of institutions in economic development.Economic Growth, Development Economics, GDP per capita, China, Western Expansion, Institutions
How Might Adam Smith Pay Professors Today?
No full textAdam Smith’s proposal for paying professors was intended to induce increased faculty knowledge. If students have imperfect information about what they learn, and universities can only imperfectly measure the input of faculty time in student learning, publications may be used to measure faculty knowledge. If professors’ ability to publish is positively related to their ability to produce student learning, which universities can imperfectly measure, publications may be necessary to attract more able professors. Since research signals faculty knowledge, schools that do not value publications per se could require higher publication standards and pay higher wages than schools that value only publications.
Determinants of Enterprise Performance in Latin America and the Caribbean: What Does the Micro Evidence Tell Us?
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ADAM SMITH'S VIEW OF HISTORY: CONSISTENT OR PARADOXICAL?
No full textThe conventional interpretation of Adam Smith is that he is a prophet of commercialism. The liberal capitalist reading of Smith is consistent with the view that history culminates in commercial society. The first part of the article develops this optimistic interpretation of Smith's view of history. Smith implies that commercial society is the end of history because 1) it supplies the ends of nature that he identifies; 2) it is inevitable; and 3) it is permanent. The second part of the article shows that Smith has some dark moments in his writings where he seems to reject completely such teleological notions. In this more civic humanist mood he confesses that commercial society does not supply the ends of nature, nor is it inevitable, nor is it permanent. Both views exist in Smith and the commentator is forced to choose between passages in Smith's work in order to support a particular interpretation of the former's view of history.Political Economy,
The Role of Comparative Advantage, Endowments, and Technology in Structural Transformation
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