Affiliation:
1. Distinguished University Professor of Economics and Principal Investigator of the Center for Institutional Reform and the Informal Sector (IRIS), University of Maryland, College Park, Maryland.
Abstract
Some research presumes that, when rational parties bargain, nothing is left on the table, so that social outcomes are efficient and leave countries on the frontiers of their aggregate production functions. A study of differences in per capita incomes across countries shows that this cannot be the case. Countries’ endowments of natural and human resources do not explain any significant part of the variation in incomes and the mobility of capital assures that it is impartially available to all countries. National differences in the quality of policies and institutions across countries mainly account for differences in per capita incomes.
Publisher
American Economic Association
Subject
Economics and Econometrics,Economics and Econometrics
Cited by
519 articles.
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