What Factors Affect Long-Term Economic Growth?

This book explores various determinants of economic growth from a broad research perspective, not only economic factors but also political factors. Through the analysis of a large amount of cross-border data, Barlow confirmed three basic conclusions: the convergence of cross-border data support conditions; there is a certain non-linear relationship between democracy and growth; the negative impact of inflation on economic growth and the high rate of inflation It is obvious, but it is uncertain under the condition of low inflation. ^[1]

Determinants of economic growth

Although this book is a monograph in the field of economic growth, the literature review in Chapter 1 has given readers a sense of the context of the development of economic growth ideas, and understanding most of the content in the book does not require a deep theoretical foundation for growth. This book is composed of three complete, detailed, and standard empirical studies, and provides a model for empirical research to readers who have mastered intermediate measurement tools. Attentive readers can not only understand Baro's ingenuity in empirical research from the line, but also more likely to inspire new research inspiration from a broad research perspective.

Robert J. Barrow received a bachelor's degree in physics from the California Institute of Technology in 1965, a Ph.D. in economics from Harvard University in 1970, became a researcher at the U.S. Bureau of Economic Research (NBER) in 1978, and was elected to the American Academy of Arts and Sciences in 1988. (American Academy of Arts & Sciences), elected in 1998 as vice chairman of the American Economic Association. He has been engaged in research and teaching at several prestigious universities and institutes. He is currently a Chair Professor of Economics at Harvard University Robert C. Waggoner and a Senior Researcher at the Hoover Institution at Stanford University.

Chapter 1. Economic Growth and Economic Convergence

1. Neoclassical growth theory and endogenous growth theory

2. Analytical framework for transnational growth

3. Empirical conclusions of transnational growth

4. Transnational regression and national fixed influence

5. Growth forecast

Chapter 2 The Interplay of Economic Development and Political Development

Theoretical analysis

2. The impact of democracy on economic growth

3. Democratic decision framework

4. The return of democracy

5. Long-term predictions of democracy

6 Conclusion

Chapter 3 Inflation and Economic Growth

Empirical data on inflation

2. Preliminary conclusions on the impact of inflation on economic growth

3. Inflation endogenous

4. Conclusions on Inflation

Conclusion

references

index

Professor Robert J. Barro is a professor of economics at Harvard University Wagoner, recognized by the economics community as a dazzling star in the field of macroeconomics and economic growth. His research on growth has changed from the original economic factors Expansion into a wider range of fields, such as democracy, religion and so on.

After reading this book for the first time, my strongest feeling is that this book should be introduced to the domestic economics community and reformers earlier. However, for China's reform process, this belated Chinese translation is not too late. China's reform starts with the economic system and gradually advances the process of marketization. The expansion of market freedom will inevitably place corresponding demands on the political system. This confirms the idea of Akxis Tocquevillc in 1835 that private organizations played an important role in democracy and freedom. At present, the eyes of the Chinese government on reform have increasingly turned to the political arena. How can democracy be promoted for economic growth? Many people, including myself, have always believed that the role of democracy in promoting growth is self-evident, but after reading this book, we may be surprised by Barrow's findings, but feel completely reasonable. As for this, for China's future reform, at least this book reveals to us a large number of countries' choice of democratization opportunities in the process of economic development, and the lessons that it brings.