Constitutional Environments and Economic Growth
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A01=Gerald W. Scully
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An Economic Theory of Democracy
Author_Gerald W. Scully
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Capital accumulation
Capital formation
Capital intensity
Capitalism
Capitalist state
Category1=Non-Fiction
Category=JPQB
Category=KCG
Category=KCP
Commercial policy
Commercialism
Comparative advantage
Competition (economics)
Constitutional economics
COP=United States
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Developed country
Developing country
Development economics
Economic data
Economic development
Economic efficiency
Economic freedom
Economic growth
Economic indicator
Economic inequality
Economic interventionism
Economic planning
Economic rent
Economics
Economy
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Export subsidy
Foreign direct investment
Free trade
Growth Rates
Human capital
Income
Income distribution
Institutional economics
Language_English
Legal capital
Liberalization
Long-Term Growth
Market economy
Market value
Measures of national income and output
Monetary policy
National wealth
Neoclassical economics
Neoclassical Growth Theory
Opportunity cost
Output (economics)
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Pareto efficiency
Payment
Per capita
Planned economy
Political economy
Political freedom
Population growth
Price elasticity of demand
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Private sector
Production function
Property rights (economics)
PS=Active
Public finance
Public sector
Real gross domestic product
Real income
Redistribution of income and wealth
Return on capital
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Supply (economics)
Tax
Technical progress (economics)
The Wealth Effect
The Wealth of Nations
Wealth
World economy
Product details
- ISBN 9780691605623
- Weight: 454g
- Dimensions: 178 x 254mm
- Publication Date: 14 Jul 2014
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
- Language: English
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In this provocative work, Gerald Scully develops and empirically tests a theory about how a nation's constitutional setting affects its economic growth. Modern growth theory links the rise in the standard of living to capital formation, both physical and human, and to technological progress, and development economists continue to believe that the transformation of the less developed world cannot occur without massive government control of the economy. Scully, on the other hand, maintains that material advancement is as much affected by the choice of the economic, legal, and political institutions under which people live and work as it is by resource endowment and technological progress. Nothing in the neoclassical theory of growth considers the "rules of the game" under which capital is accumulated and innovation is made. Redressing this neglect, Scully proposes ways of measuring the economic, civil, and political freedom within a society's institutional framework, and he reveals that freedom, or the lack thereof, powerfully and demonstrably influences not only economic progress but also income distribution.
Politically open societies grow at nearly three times the rate of those where freedom is more circumscribed, and they also have a more equitable distribution of income. Finally, Scully measures the effect of the size of the state on economic progress, showing that the larger the amount of government expenditures out of gross domestic product, the lower the rate of economic progress. Originally published in 1992. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
