Barriers to riches / Stephen L. Parente and Edward C. Prescott.
2002
HD75 .P375 2002
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Details
Title
Barriers to riches / Stephen L. Parente and Edward C. Prescott.
Author
Parente, Stephen L.
Edition
1st MIT Press ed.
ISBN
0262281252 (electronic bk.)
9780262281256 (electronic bk.)
0262661306
9780262661300
9780262281256 (electronic bk.)
0262661306
9780262661300
Publication Details
Cambridge, Mass. ; London : Mit, 2002, ©2000.
Language
English
Description
1 online resource (xvii, 164 pages) : illustrations.
Call Number
HD75 .P375 2002
Dewey Decimal Classification
338.9
Summary
Why isn't the whole world as rich as the United States? Conventional views holds that differences in the share of output invested by countries account for this disparity. Not so, say Stephen Parente and Edward Prescott. In Barriers to Riches, Parente and Prescott argue that differences in Total Factor Productivity (TFP) explain this phenomenon. These differences exist because some countries erect barriers to the efficient use of readily available technology. The purpose of these barriers is to protect industry insiders with vested interests in current production processes from outside competition. Were this protection stopped, rapid TFP growth would follow in the poor countries, and the whole world would soon be rich. Barriers to Riches reflects a decade of research by the authors on this question. Like other books on the subject, it makes use of historical examples and industry studies to illuminate potential explanations for income differences. Unlike these other books, however, it uses aggregate data and general equilibrium models to evaluate the plausibility of alternative explanations. The result of this approach is the most complete and coherent treatment of the subject to date.
Access Note
Access limited to authorized users.
Source of Description
OCLC-licensed vendor bibliographic record.
Added Author
Prescott, Edward C.
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