Pub Date : 2017-02-17DOI: 10.16980/JITC.13.1.201702.1
Jong-Hwan Ko
The objective of this paper is to examine whether the migration of refugees in Europe will be able to contribute to the economic development of both the countries of origin and destination. This is done by conducting a quantitative assessment of the potential economic impact of the migration of refugees in Europe at the macroeconomic and microeconomic levels using a global computable general equilibrium (CGE) model that takes into account bilateral migration blows. The simulation results of policy scenarios on migration of refugees in Europe are presented in terms of real GDP, equivalent variation (EV) as a measure of welfare, supply of and demand for unskilled and skilled labor, wages for unskilled and skilled labor, and domestic production by sector of the countries concerned. Major findings of this study are that the EU member states that accept migrants are predicted to gain an additional increase in real GDP and welfare, while the countries of source such as Middle East countries, North African countries and Sub-Saharan African countries are expected to lose in economic growth and welfare, because they lose the labor force and produce less goods and services.
{"title":"Migration in Europe and Its Economic Impact: A CGE Approach","authors":"Jong-Hwan Ko","doi":"10.16980/JITC.13.1.201702.1","DOIUrl":"https://doi.org/10.16980/JITC.13.1.201702.1","url":null,"abstract":"The objective of this paper is to examine whether the migration of refugees in Europe will be able to contribute to the economic development of both the countries of origin and destination. This is done by conducting a quantitative assessment of the potential economic impact of the migration of refugees in Europe at the macroeconomic and microeconomic levels using a global computable general equilibrium (CGE) model that takes into account bilateral migration blows. The simulation results of policy scenarios on migration of refugees in Europe are presented in terms of real GDP, equivalent variation (EV) as a measure of welfare, supply of and demand for unskilled and skilled labor, wages for unskilled and skilled labor, and domestic production by sector of the countries concerned. Major findings of this study are that the EU member states that accept migrants are predicted to gain an additional increase in real GDP and welfare, while the countries of source such as Middle East countries, North African countries and Sub-Saharan African countries are expected to lose in economic growth and welfare, because they lose the labor force and produce less goods and services.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132258178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Global sea level rise (SLR) variations have undeniably begun to make an impact on highly vulnerable economies. These impacts of SLR are a key component of the projected economic damage of climate change, an important input to climate change policies and adaptive measures. This paper considers SLR projections and its impact on the economy and includes a consolidation of various related studies. Estimated global gross domestic product (GDP) loss by 2100 ranges from 0.3% to as high as of 9.3% (Hinkel et al. 2014; Pycroft, Abrell, and Ciscar 2015). Climate change impact should be addressed at the global level through a locally focused effort where education and acceptance by all stakeholders are crucial and warranted. Further, this paper tackles several adaptive strategies as a response to SLR which include retreat, accommodation, and protection. The retreat strategy simulates that SLR causes the loss of inundated land and incurs planned relocation (migration) costs above a certain sea level. The accommodation strategy allows usage of vulnerable areas or land and limits damage by flood-proofing or raising structures. Finally, the protection strategy projects that land will be protected from SLR damage by sea walls or other barriers of a certain height. On the other hand, Diaz (2016) estimates a median adaptation cost from migration at 16% of GDP under the least-cost strategy by 2050. In general, the education of and the acceptance by the concerned local community will be crucial in the successful implementation of SLR adaptation strategies, notwithstanding parallel mitigation efforts on a global scale.
不可否认，全球海平面上升(SLR)的变化已经开始对高度脆弱的经济体产生影响。SLR的这些影响是预测气候变化经济损失的关键组成部分，是气候变化政策和适应措施的重要投入。本文考虑了单反预测及其对经济的影响，并整合了各种相关研究。预计到2100年，全球国内生产总值(GDP)将损失0.3%至9.3% (Hinkel et al. 2014;Pycroft, Abrell, and Ciscar 2015)。气候变化的影响应该在全球层面上通过以地方为重点的努力来解决，所有利益相关者的教育和接受都是至关重要和必要的。此外，本文还讨论了几种适应策略作为对单反的响应，包括撤退、适应和保护。撤退策略模拟了SLR导致淹没土地的损失，并在一定海平面以上产生计划搬迁(迁移)成本。住宿策略允许使用脆弱区域或土地，并限制防洪或抬高结构的破坏。最后，该保护策略计划通过海堤或其他一定高度的障碍物来保护陆地免受SLR的破坏。另一方面，Diaz(2016)估计，在最低成本战略下，到2050年，移民的适应成本中位数为GDP的16%。总的来说，尽管在全球范围内进行了平行的缓解努力，但有关地方社区的教育和接受对于成功实施SLR适应战略至关重要。
{"title":"Impacts of Sea Level Rise on Economic Growth in Developing Asia","authors":"Ruben Carlo O. Asuncion, Minsoo Lee","doi":"10.2139/ssrn.2982817","DOIUrl":"https://doi.org/10.2139/ssrn.2982817","url":null,"abstract":"Global sea level rise (SLR) variations have undeniably begun to make an impact on highly vulnerable economies. These impacts of SLR are a key component of the projected economic damage of climate change, an important input to climate change policies and adaptive measures. This paper considers SLR projections and its impact on the economy and includes a consolidation of various related studies. Estimated global gross domestic product (GDP) loss by 2100 ranges from 0.3% to as high as of 9.3% (Hinkel et al. 2014; Pycroft, Abrell, and Ciscar 2015). Climate change impact should be addressed at the global level through a locally focused effort where education and acceptance by all stakeholders are crucial and warranted. Further, this paper tackles several adaptive strategies as a response to SLR which include retreat, accommodation, and protection. The retreat strategy simulates that SLR causes the loss of inundated land and incurs planned relocation (migration) costs above a certain sea level. The accommodation strategy allows usage of vulnerable areas or land and limits damage by flood-proofing or raising structures. Finally, the protection strategy projects that land will be protected from SLR damage by sea walls or other barriers of a certain height. On the other hand, Diaz (2016) estimates a median adaptation cost from migration at 16% of GDP under the least-cost strategy by 2050. In general, the education of and the acceptance by the concerned local community will be crucial in the successful implementation of SLR adaptation strategies, notwithstanding parallel mitigation efforts on a global scale.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134018102","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The fruits and vegetable (F&Vs) marketing societies in general and PCMS in particular have performed reasonably well in Maharashtra during the past two decades, if certain deficiencies in their operation are set aside. There could be several factors behind the success of these societies. The factors such as higher literacy and enterprising nature of farmers, flow of efficient and dedicated leadership, an environment conducive to production, infrastructure facilities, facilities extended by NABARD and other financial institutions, government support, etc., might have played a crucial role in inducing these societies to perform well in the state of Maharashtra. However, since the F&Vs societies operating in Maharashtra have also shown a falling trend in their amount of extension of loan and its recovery, and also in respect of higher amount of losses in proportion to profit, efforts should be made to rectify these deficiencies in the functioning of these societies dealing with the marketing of high value crops. Some minor remedial measures and strategies framed or initiated by these marketing societies, particularly in respect of recovery of their loan advances, will certainly further improve the efficiency and functioning of these societies in the future. Government support in this respect will have a catalytic effect in improving the overall efficacy and efficiency, as well as functioning, of various PCMS operating in Maharashtra.
{"title":"Collective Action-Leadership Nexus of Multipurpose Agro-Processing Marketing Institutions: A Cooperative Innovation","authors":"D. Shah","doi":"10.2139/ssrn.2885220","DOIUrl":"https://doi.org/10.2139/ssrn.2885220","url":null,"abstract":"The fruits and vegetable (F&Vs) marketing societies in general and PCMS in particular have performed reasonably well in Maharashtra during the past two decades, if certain deficiencies in their operation are set aside. There could be several factors behind the success of these societies. The factors such as higher literacy and enterprising nature of farmers, flow of efficient and dedicated leadership, an environment conducive to production, infrastructure facilities, facilities extended by NABARD and other financial institutions, government support, etc., might have played a crucial role in inducing these societies to perform well in the state of Maharashtra. However, since the F&Vs societies operating in Maharashtra have also shown a falling trend in their amount of extension of loan and its recovery, and also in respect of higher amount of losses in proportion to profit, efforts should be made to rectify these deficiencies in the functioning of these societies dealing with the marketing of high value crops. Some minor remedial measures and strategies framed or initiated by these marketing societies, particularly in respect of recovery of their loan advances, will certainly further improve the efficiency and functioning of these societies in the future. Government support in this respect will have a catalytic effect in improving the overall efficacy and efficiency, as well as functioning, of various PCMS operating in Maharashtra.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125599127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Basel Accord has often been regarded as one of the most successful forms of international regulation due to the high level of compliance from various actors despite the lack of direct repercussions. International financial regulation as a form of soft law is able to exert a power over actors that generally ensures compliance. The Basel Accord continues to perform as a stable method of international regulation, despite the consistent presence of flaws within the global financial system, due to the flexibility that is offered by the Accord as well as the mutual benefit that is received by all actors who choose to comply. Unlike other international treaties and agreements that face high levels of non-compliance, the Basel Accord has been widely accepted and adopted by all nations including nations that were not embraced in the decision-making process. Although different nations have unique approaches to accepting the Accord there is a generally high level of universality in the application of the regulation. As nations continue to develop in the global political economy the Basel Accord will continue to regulate international finance as a soft power.
{"title":"International Financial Regulation and the Basel Accord: How the Impact of a Soft Law Whisper Results in Compliance Throughout the Globe","authors":"Anumeet Toor","doi":"10.2139/ssrn.2970253","DOIUrl":"https://doi.org/10.2139/ssrn.2970253","url":null,"abstract":"The Basel Accord has often been regarded as one of the most successful forms of international regulation due to the high level of compliance from various actors despite the lack of direct repercussions. International financial regulation as a form of soft law is able to exert a power over actors that generally ensures compliance. The Basel Accord continues to perform as a stable method of international regulation, despite the consistent presence of flaws within the global financial system, due to the flexibility that is offered by the Accord as well as the mutual benefit that is received by all actors who choose to comply. Unlike other international treaties and agreements that face high levels of non-compliance, the Basel Accord has been widely accepted and adopted by all nations including nations that were not embraced in the decision-making process. Although different nations have unique approaches to accepting the Accord there is a generally high level of universality in the application of the regulation. As nations continue to develop in the global political economy the Basel Accord will continue to regulate international finance as a soft power.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123122163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tourism is well recognized as an instrument of growth in Malaysia as it has transformed the economies by developing the tourism potential. Tourism has the potential to generate large-scale employment and additional income to the skilled and unskilled workforce. Agro-tourism is a way of sustainable tourist development and multi-activity in rural areas through which the visitor has the opportunity to get close awareness with agricultural areas, agricultural occupations, local products, traditional food and the daily life of the rural people, as well as the cultural elements and traditions of the local communities.
{"title":"Agro-Tourism: A Cash Crop for Farmers in Malaysian Rural Area","authors":"Sanmugam Annamalah, J. Munusamy, I. Sentosa","doi":"10.2139/ssrn.2876269","DOIUrl":"https://doi.org/10.2139/ssrn.2876269","url":null,"abstract":"Tourism is well recognized as an instrument of growth in Malaysia as it has transformed the economies by developing the tourism potential. Tourism has the potential to generate large-scale employment and additional income to the skilled and unskilled workforce. Agro-tourism is a way of sustainable tourist development and multi-activity in rural areas through which the visitor has the opportunity to get close awareness with agricultural areas, agricultural occupations, local products, traditional food and the daily life of the rural people, as well as the cultural elements and traditions of the local communities.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121614242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The work of Raul Prebisch is typically summarized by two of his important contributions to development economics: the center-periphery paradigm together with his diagnosis of Latin America’s development struggles. Recent investigations have, however, shed light on the nature of Prebisch’s early work, especially his understanding of business cycles (Sember 2010; Perez and Vernengo 2012). Although the present paper focuses on his center and periphery, it examines Prebisch’s later work, casting a different light on his most enduring contribution to the field. While early in his career, Prebisch held a standard structuralist position by the 1960s, Prebisch embraced a less rigid understanding of the relationship between center and periphery, adding multiple layers to his analysis of the latter.
劳尔·普雷维什(Raul Prebisch)的工作通常由他对发展经济学的两个重要贡献来总结:中心-边缘范式以及他对拉丁美洲发展斗争的诊断。然而，最近的调查揭示了普雷维什早期工作的本质，尤其是他对商业周期的理解(2010年9月;Perez and Vernengo 2012)。虽然本文关注的是他的中心和外围，但它考察了普雷维什的后期工作，对他对该领域最持久的贡献投下了不同的光。在他职业生涯的早期，Prebisch在20世纪60年代持有标准的结构主义立场，Prebisch对中心和边缘之间的关系的理解不那么严格，对后者的分析增加了多层次。
{"title":"Complexities of Core-Periphery Relation: an Analysis of the Late Raul Prebisch","authors":"Natalia Bracarense","doi":"10.2139/ssrn.2870709","DOIUrl":"https://doi.org/10.2139/ssrn.2870709","url":null,"abstract":"The work of Raul Prebisch is typically summarized by two of his important contributions to development economics: the center-periphery paradigm together with his diagnosis of Latin America’s development struggles. Recent investigations have, however, shed light on the nature of Prebisch’s early work, especially his understanding of business cycles (Sember 2010; Perez and Vernengo 2012). Although the present paper focuses on his center and periphery, it examines Prebisch’s later work, casting a different light on his most enduring contribution to the field. While early in his career, Prebisch held a standard structuralist position by the 1960s, Prebisch embraced a less rigid understanding of the relationship between center and periphery, adding multiple layers to his analysis of the latter.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131791539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
According to the World Bank statistical data, a leading G20 country in economic growth in the post-crises period is China. Appearing next after China in economic growth in the post-crises period are Indonesia and India. The paper proposes adjusting the levels of economic growth based upon the hypothesis of proportional overlap for the catch-up effect after which they can be used to compare economic growth across regions. After the adjustment for the catch-up effect of the economic growth ratios, the leading G20 countries in economic growth are Australia, the USA, Canada and Saudi Arabia.
{"title":"The Leading G20 Countries in Economic Growth in the Post-Crisis Period","authors":"V. Papava","doi":"10.2139/ssrn.2857897","DOIUrl":"https://doi.org/10.2139/ssrn.2857897","url":null,"abstract":"According to the World Bank statistical data, a leading G20 country in economic growth in the post-crises period is China. Appearing next after China in economic growth in the post-crises period are Indonesia and India. The paper proposes adjusting the levels of economic growth based upon the hypothesis of proportional overlap for the catch-up effect after which they can be used to compare economic growth across regions. After the adjustment for the catch-up effect of the economic growth ratios, the leading G20 countries in economic growth are Australia, the USA, Canada and Saudi Arabia.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123995296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The logic of people’s capitalism is explained from the giant contradiction between the assumptions of economics and those of non-ego based behavior. Current social scientific research provides enough of the theory, facts, and figures necessary for various methods, many inter-related, by which people’s capitalism can be theoretically developed. Some of these methods are discussed in general. But, due to the contemporary state of the US politico-economic system, people’s capitalism will not be implemented, naturally giving rise to the emergence of a new world religion probably somewhere in the Middle East-Mediterranean area. This suggests that traditional theology in existing world religions is fundamentally mistaken. The very idea of theology as a field of study is questioned and an argument is advanced that theology should preferably be abandoned.
{"title":"Revisiting People's Capitalism from First Principles","authors":"David Breslauer, David A. Pardo","doi":"10.2139/ssrn.2852079","DOIUrl":"https://doi.org/10.2139/ssrn.2852079","url":null,"abstract":"The logic of people’s capitalism is explained from the giant contradiction between the assumptions of economics and those of non-ego based behavior. Current social scientific research provides enough of the theory, facts, and figures necessary for various methods, many inter-related, by which people’s capitalism can be theoretically developed. Some of these methods are discussed in general. But, due to the contemporary state of the US politico-economic system, people’s capitalism will not be implemented, naturally giving rise to the emergence of a new world religion probably somewhere in the Middle East-Mediterranean area. This suggests that traditional theology in existing world religions is fundamentally mistaken. The very idea of theology as a field of study is questioned and an argument is advanced that theology should preferably be abandoned.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129604380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the relationships among slavery, economic freedom and economic development across former slave-exporting states in Africa, using country-level slave export data from Nunn (2008a), the Fraser Institute’s Economic Freedom of the World index, and per capita real GDP from the Maddison Project database. Recent studies document a negative link between slavery and present-day income. This study takes an additional step, aiming to connect slavery, institutions, and economic performance by testing whether the early institutions of slavery work through current institutions to affect modern incomes. I attempt to support this relationship using slave exports as an instrument for institutions in 2SLS income regressions. Results demonstrate a strong, positive relationship between economic freedom and present-day income. Further, based on tests of over-identifying restrictions, I cannot safely reject instrument validity. These findings, taken together, suggest that institutions likely serve as a conduit for the influence of slavery on incomes today.
{"title":"Slavery, Economic Freedom & Income Levels in the Former Slave-Exporting States of Africa","authors":"Travis Wiseman","doi":"10.2139/ssrn.2679098","DOIUrl":"https://doi.org/10.2139/ssrn.2679098","url":null,"abstract":"This paper investigates the relationships among slavery, economic freedom and economic development across former slave-exporting states in Africa, using country-level slave export data from Nunn (2008a), the Fraser Institute’s Economic Freedom of the World index, and per capita real GDP from the Maddison Project database. Recent studies document a negative link between slavery and present-day income. This study takes an additional step, aiming to connect slavery, institutions, and economic performance by testing whether the early institutions of slavery work through current institutions to affect modern incomes. I attempt to support this relationship using slave exports as an instrument for institutions in 2SLS income regressions. Results demonstrate a strong, positive relationship between economic freedom and present-day income. Further, based on tests of over-identifying restrictions, I cannot safely reject instrument validity. These findings, taken together, suggest that institutions likely serve as a conduit for the influence of slavery on incomes today.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134326890","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
McCloskey’s Bourgeois Equality explains the Great Enrichment of man beginning in the early 19th century as being caused by what we refer to as a “combustible combination” of ideas, institutions, and commercial practices. Economic growth for McCloskey is not just a function of the security of property rights, as her critique of Douglass North’s depiction of the Glorious Revolution indicates, but the increasing the scope of market exchange brought about by the spread of Bourgeois ideas. The ability of a society to realize the gains from productive specialization and mutually beneficial exchange, as well as the benefits of peaceful social cooperation among diverse peoples is made possible only through the adoption of ideas that legitimate and institutions that recognize the universal dignity to commercial practices such as capital accumulation, trade, and entrepreneurship.
{"title":"A Combustible Combination: McCloskey on Ideas, Institutions, and Economic Performance Through Time","authors":"Peter J. Boettke, Rosolino A. Candela","doi":"10.2139/SSRN.2931885","DOIUrl":"https://doi.org/10.2139/SSRN.2931885","url":null,"abstract":"McCloskey’s Bourgeois Equality explains the Great Enrichment of man beginning in the early 19th century as being caused by what we refer to as a “combustible combination” of ideas, institutions, and commercial practices. Economic growth for McCloskey is not just a function of the security of property rights, as her critique of Douglass North’s depiction of the Glorious Revolution indicates, but the increasing the scope of market exchange brought about by the spread of Bourgeois ideas. The ability of a society to realize the gains from productive specialization and mutually beneficial exchange, as well as the benefits of peaceful social cooperation among diverse peoples is made possible only through the adoption of ideas that legitimate and institutions that recognize the universal dignity to commercial practices such as capital accumulation, trade, and entrepreneurship.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"169 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123275068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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