Discussion Paper
The Stages of Economic Growth Revisited: Part 1: A General Framework and Taking Off into Growth
Abstract: We propose a theory for classifying countries according to their stages of growth and for analyzing the determinants of growth in and between the different stages. {{p}} We conclude that, even if they have inefficient institutions and policies, poorer countries can achieve rapid growth by adopting the technologies and managerial practices of countries like the United States. As they become richer, however, their growth rates will decline unless these countries have efficient institutions and policies. For many countries, this requires that they undertake serious institutional and policy reforms. {{p}} Our analysis further suggests that world economic leadership is unlikely to be provided by less-developed countries like China.
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Bibliographic Information
Provider: Federal Reserve Bank of Minneapolis
Part of Series: Economic Policy Paper
Publication Date: 2016-03-22
Number: 16-5