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Determinants of economic growth: An overview Thijs de Ruyter van Steveninck, Nico van der Windt, and Maaike Oosterbaan Netherlands Economic Institute What causes economic growth? Why have some countries grown much faster than others? Why do some countries not grow at all, or even experience negative (per capita) growth rates? What can governments do to raise the growth rates of their country? These questions were discussed at a conference on March 23 and 24, 1998, organized by the Netherlands Economic Institute (NEI) on behalf of the Netherlands Ministry of Foreign Affairs. This book contains the proceedings of the conference. Economic growth is widely considered as a necessary (though not sufficient) condition for poverty alleviation. During the past two decades, scholars and researchers have found a renewed interest in thinking about economic growth, and advances in the understanding of economic growth have taken place. On the one hand, the theoretical understanding of growth has progressed on various fronts, including endogenous technological innovation and increasing returns to scale; the interaction of population, fertility, human capital, and growth; international spill-overs in technology and capital accumulation; and the role of institutions. On the other hand, the increasing availability and use of data sets has given a large incentive to empirical research on cross-country growth, following the path-breaking work ofBarro (1991).

Contents

Introduction: Economic growth and its determinants—An overview.- 1 Recent developments in endogenous growth theory.- 1.1 Framework for the empirical analysis of growth.- 1.2 Empirical findings on growth across countries.- 1.3 Implications of the cross-country findings for advanced countries.- 2 The joys and sorrows of openness: A review essay.- 2.1 The many dimensions of openness.- 2.2 The joys of openness.- 2.3 The sorrows of openness.- 2.4 Conclusions.- 3 Technology in growth.- 3.1 Introduction.- 3.2 Development of the literature.- 3.3 Empirical studies: R&D and the impact of property rights on growth.- 3.4 Conclusions.- 4 Financial markets, financial flows, and economic growth in LDCs.- 4.1 A fiscal foreword.- 4.2 Domestic finance.- 4.3 Foreign debt accumulation.- 4.4 Foreign direct investment.- 4.5 Conclusions.- 5 Institutional development and economic growth.- 5.1 Introduction.- 5.2 What are institutions?.- 5.3 Culture and social equilibria.- 5.4 Extensive and intensive growth.- 5.5 Changing material and cosmological beliefs.- 5.6 The family, the market, and the state.- 5.7 Conclusions.- 6 Human capital and growth: The cost of rent seeking activities.- 6.1 Introduction.- 6.2 Standard formulations of the role of human capital in empirical growth equations.- 6.3 Rent-seeking as an economic activity.- 6.4 The impact of rent-seeking on economic output.- 6.5 Rent-seeking and growth in an endogenous growth model.- 6.6 Empirical assessment: Evaluating human capital devoted to rent-seeking activities.- 6.7 Conclusions.- 7 Recent advances in economic growth: A policy perspective.- 7.1 Introduction.- 7.2 Growth theory: Some basic concepts.- 7.3 Education and human capital.- 7.4 Technology, R&D, and trade.- 7.5 Financial markets and capital flows.- 7.6 Institutions andinequality.- 7.7 Empirical studies.- 7.8 Conclusions.- Epilogue.