publication . Article . 2013

What are the "ingredients" for economic growth?

Wolla, Scott A.;
Open Access
  • Published: 01 Jan 2013 Journal: Page One Economics Newsletter, issue Sep, pages 1-5
Abstract
Is there a recipe for economic growth? Perhaps some Miracle-Gro for the economy? If only it were that easy. While the exact recipe is a mystery, economists have identified some of the key ingredients. This month’s newsletter discusses the role that economic institutions play in fostering long-term economic growth.

1 North, Douglass C. Institutions, Institutional Change, and Economic Performance. New York: Cambridge University Press, 1990, p. 3. Douglass North is an economist and the co-recipient of the 1993 Nobel Prize in Economic Sciences.

2 Emerging research calls the conventional wisdom on patents into question. For example, Boldrin and Levine find “no empirical evidence that [patents] serve to increase innovation and productivity” (p. 1). See Boldrin, Michele and Levine, David. “The Case Against Patents.” Working Paper No. 2012-035A, Federal Reserve Bank of St. Louis, 2012; http://research.stlouisfed.org/wp/2012/2012-035.pdf.

3 North, Douglass C. “Economic Performance through Time.” Nobel Prize Lecture, December 9, 1993; http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1993/north-lecture.html.

4 Shin, Yongseok. “Financial Markets: An Engine for Economic Growth.” Federal Reserve Bank of St. Louis Regional Economist, July 2013, 21(3), pp. 4-9; http://www.stlouisfed.org/publications/pub_assets/pdf/re/2013/c/financial_markets.pdf.

5 Bernanke, Ben S. “Financial Reform to Address Systemic Risk.” Speech to the Council on Foreign Relations, Washington, DC, March 10, 2009; http://www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm.

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