Barriers to Riches

Parente, Stephen L. and Prescott, Edward C.

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ISBN 10: 0262161931 ISBN 13: 9780262161930

Published by MIT Press, 2000,, 2000

Language: English

Condition: Used Hardcover

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1st edition, hardback, 8vo, xx,164pp, signed by the author (Prescott) on endpaper, inscribed to Roman (Weil), text clean and binding tight, Very Good / Very Good dustwrapper, ISBN: 0262161931.

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Bibliographic Details

Title

Barriers to Riches

Publisher

MIT Press, 2000,

Publication Date

2000

Language

English

ISBN 10

0262161931

ISBN 13

9780262161930

Binding

Hardcover

Edition

1st Edition

Dust Jacket Condition

Dust Jacket Included

Signed

Signed by Author(s)

Seller catalogs

economics

About this title

Synopsis

Why isn't the whole world as rich as the United States? Conventional views holds that differences in the share of output invested by countries account for this disparity. Not so, say Stephen Parente and Edward Prescott. In Barriers to Riches, Parente and Prescott argue that differences in Total Factor Productivity (TFP) explain this phenomenon. These differences exist because some countries erect barriers to the efficient use of readily available technology. The purpose of these barriers is to protect industry insiders with vested interests in current production processes from outside competition. Were this protection stopped, rapid TFP growth would follow in the poor countries, and the whole world would soon be rich. Barriers to Riches reflects a decade of research by the authors on this question. Like other books on the subject, it makes use of historical examples and industry studies to illuminate potential explanations for income differences. Unlike these other books, however, it uses aggregate data and general equilibrium models to evaluate the plausibility of alternative explanations. The result of this approach is the most complete and coherent treatment of the subject to date.

About the Author

Stephen L. Parente is Associate Professor of Economics at the University of Illinois, Urbana-Champaign.

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