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Barriers to Riches Stephen L. Parente (University of Illinois)

Barriers to Riches By Stephen L. Parente (University of Illinois)

Barriers to Riches by Stephen L. Parente (University of Illinois)


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Summary

Reflects a decade of research by the authors on the question of wealth disparities between nations.

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Barriers to Riches Summary

Barriers to Riches by Stephen L. Parente (University of Illinois)

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.

About Stephen L. Parente (University of Illinois)

Stephen L. Parente is Associate Professor of Economics at the University of Illinois, Urbana-Champaign. Edward C. Prescott is Regents' Professor at the University of Minnesota and Economic Advisor, Federal Reserve Bank of Minneapolis.

Additional information

CIN0262661306VG
9780262661300
0262661306
Barriers to Riches by Stephen L. Parente (University of Illinois)
Used - Very Good
Paperback
MIT Press Ltd
2002-02-05
184
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in very good condition, but if you are not entirely satisfied please get in touch with us

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