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on Economic Growth |
| By: | Victor Gay (IAST - Institute for Advanced Study in Toulouse, TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Why are some countries so much richer than others today? This course explores the historical origins of modern economic growth and global economic inequality across countries. After a brief introduction of the field of economic history, we will study when and where modern economic growth emerged, with a particular focus on the Great Divergence and the Industrial Revolution in Western Europe. The course will however cover other settings, such as China, Japan, and Southern Asia (except the United States). Then, we will investigate the factors that can explain these historical patterns, looking successively at the role of institutions, culture, and geography. Finally, we will discuss various issues that come along with modern economic growth in historical perspective such as pollution and global pandemics. |
| Date: | 2024–01–10 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04650773 |
| By: | Bakari, Sayef |
| Abstract: | In this study, we conducted a comprehensive analysis of the interplay between domestic investments, exports, and economic growth in Australia from 1972 to 2021. The Vector Error Correction Model (VECM) provided insights into short-term and long-term dynamics, highlighting how deviations from equilibrium are corrected over time and the nature of these interactions. Our findings underscore that domestic investments positively impact GDP, with a 1% increase in investments correlating to a 0.11% increase in GDP in the long run. Conversely, the study found a negative relationship between exports and domestic investments, suggesting that growth in exports does not necessarily lead to increased domestic investment. These insights are crucial for developing balanced economic policies that support both investment and export growth while ensuring sustainable economic development. |
| Keywords: | Domestic Investment, Exports, Economic Growth, VECM, Australia. |
| JEL: | C32 E22 F13 F14 F43 O47 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121604 |
| By: | Matthew J. Baker; Joyce P. Jacobsen |
| Abstract: | We discuss the interrelationship between the treatment of the elderly, the nature of production, and the transmission of culture. Respect for the elderly is endogenous. Parents cultivate an interest in consuming culture in their children; when they are older, children compensate their elders proportional to the degree to which their interests were previously cultivated. We show that this model is functionally equivalent to one in which cultural goods are transferred across generations. We focus on the relative well-being of the elderly and use the model to explain patterns in their relative well-being across societies. An important theme is that the cultivation of culture and norms for the respect and support of the elderly bear a nonlinear relationship with many economic variables, such as capital and or land intensity in production. We also discuss the interaction of property rights with production, assets such as productive resources, and relative treatment of the elderly. Insecurity of some types of property rights, such as rights over output, may benefit the elderly, while secure rights over productive resources may also benefit the elderly. We discuss how the elderly could be affected by demographic, technological and policy changes in both developing and developed economies. |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2407.09638 |
| By: | Roussel, Yannick; Audi, Marc |
| Abstract: | The paper delves into the intricate relationship between economic growth, tourism arrivals, and climate change, focusing specifically on the European economy over the period 1990-2019 using panel data analysis. The empirical framework examines the interplay between these variables and sheds light on their implications for environmental sustainability and economic development. The econometric analysis reveals several noteworthy findings. Firstly, the equation assessing economic growth underscores the positive correlation between tourist arrivals, energy consumption, carbon dioxide emissions, openness to trade, and economic growth. These results align with the prevailing literature, highlighting the multifaceted drivers of economic expansion in the context of tourism and trade. However, the study diverges from conventional wisdom by challenging the notion of a strictly positive correlation between tourism and climate change. While previous research predominantly suggests a positive association, our findings suggest an alternative hypothesis, wherein tourist arrivals exhibit a negative correlation with climate change indicators. This nuanced perspective underscores the complex dynamics at play and emphasizes the need for further investigation into the environmental implications of tourism. Furthermore, the application of fixed effects and GMM-system techniques provides additional insights into the determinants of carbon dioxide emissions. Income per capita and energy consumption emerge as significant drivers of CO2 emissions, highlighting the role of economic prosperity and energy consumption patterns in shaping environmental outcomes. Interestingly, tourism arrivals and squared income per capita demonstrate a negative correlation with CO2 emissions, suggesting that higher levels of tourism and income per capita may mitigate environmental pressures. Additionally, the analysis of tourism arrival determinants reveals that income per capita, openness to trade, and energy consumption exert a positive effect on tourism arrivals. These findings underscore the role of economic prosperity, trade openness, and energy infrastructure in driving tourist inflows, highlighting the interconnectedness of economic and tourism dynamics. The paper contributes to the growing body of literature on the nexus between economic growth, tourism, and climate change, offering valuable insights for policymakers and stakeholders. By elucidating the complex relationships between these variables, the study informs evidence-based policy interventions aimed at promoting sustainable tourism practices and mitigating the environmental impact of economic growth. Ultimately, a holistic approach that balances economic development objectives with environmental stewardship is essential for fostering long-term prosperity and sustainability in the European economy and beyond. |
| Keywords: | Carbon Dioxide Emissions, Energy Consumption, GMM-System Techniques, Income Per Capita |
| JEL: | C33 O13 Q56 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:121529 |
| By: | Michael A. Clemens (Peterson Institute for International Economics) |
| Abstract: | South Korea faces an unprecedented economic crisis driven by rapid population aging, as it approaches a future of negative economic growth. This paper examines the full range of possible policy responses with the potential to restore dynamism to the Korean economy. Contrary to many prior analyses, the author finds that enhanced labor migration to Korea is necessary, sufficient, and feasible. Migration is necessary because in the best forecasts we have, no other class of policy has the quantitative potential to meaningfully offset aging. Migration is sufficient because enhanced temporary labor migration by itself would offset most of Korea's demographic drag on growth over the next 50 years. And migration is feasible because the levels of migration and timescale of the transition would resemble that already carried out by Malaysia and Australia. Many advanced economies will follow in Korea's demographic footsteps in decades to come, and have much to learn from the decisions that the Korean government makes now. |
| Keywords: | Migration, South Korea, Labor, Demography, Economic Growth, Population Aging |
| JEL: | F22 J15 K37 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:iie:wpaper:wp24-18 |