Early development
Article Abstract:
The four fundamental processes involved in long-term economic development are the exploitation of increasing returns to specialization, the transition from household to market production, accumulation of knowledge and human capital and industrialization. These processes are integrated into a clear framework for economic history. A growing population in pre-industrial development causes increasing returns to specialization. This serves to activate a learning technology and catalyze industrial growth, carrying the economy to growth.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
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The large welfare state as a system
Article Abstract:
European and American experiences in the foundation and development of welfare states vary substantially in terms of integration between minimal wage distributions and substantial social benefits, poverty eradication and the economic cost of welfare state policies. The costs incurred by economic reform are caused by the tight market structure of welfare states, which make them vulnerable to greater adjustment and efficiency costs.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
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