作者：Crafts, NFR
摘要：The British Industrial Revolution is reviewed in the light of recent developments in modeling economic growth. It is argued that ''endogenous innovation'' models may be useful in this context particularly for understanding why total factor productivity growth rose only slowly. ''Macroinventions'' were central to economic development in this period, however, and these are best seen as exogenous technological shocks. Although new growth theorists would easily identify higher growth potential in ...
作者：Yeager, TJ
摘要：When the Spaniards conquered the New World, they resorted to a form of native labor organization called the encomienda. The encomienda differed from slavery in that the Crown imposed inheritance, trading, and relocation restrictions on encomenderos. Such restrictions cost the Crown revenue by providing incentives for colonists to deplete more quickly the stock of native labor and by keeping native labor in areas of low-revenue productivity. This loss of revenue makes the Crown's preference for...
作者：University of Oxford
摘要：This article offers a new interpretation of the low level of investment in Germany during the interwar period. Earlier contributions attributed the slow expansion of capital stock either to excessive wages due to state intervention and unionization or to the high cost of capital. These hypotheses are tested by estimating a cointegration model of investment. Counterfactual simulations demonstrate that lower wages would have lowered investment still further and that high interest rates acted as ...
