Linking Economic Complexity, Institutions, and Income Inequality
TL;DR: This article showed that economic complexity is a significant and negative predictor of income inequality and that this relationship is robust to controlling for aggregate measures of income, institutions, export concentration, and human capital.
About: This article is published in World Development.The article was published on 2017-05-01 and is currently open access. It has received 410 citations till now. The article focuses on the topics: Income inequality metrics & Income distribution.
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TL;DR: The condition of rural populations in much of the global South is indeed dire-most of the 1 billion people living on less than a dollar a day live in the countryside as mentioned in this paper.
Abstract: too fine for undergraduate readers who are new to agrarian debates. On the whole, however, the book is accessible and deserves to be widely read. The condition of rural populations in much of the global South is indeed dire-most of the 1 billion people living on less than a dollar a day live in the countryside. This book offers many important insights into why this is the case, and how the current regime of global capitalism works against a repetition of the agrarian transition that brought wealth and security to the global North.
596 citations
Posted Content•
01 Jan 2014TL;DR: This Review presents basic facts regarding the long-run evolution of income and wealth inequality in Europe and the United States and discusses possible interpretations and lessons for the future.
Abstract: This Review presents basic facts regarding the long-run evolution of income and wealth inequality in Europe and the United States. Income and wealth inequality was very high a century ago, particularly in Europe, but dropped dramatically in the first half of the 20th century. Income inequality has surged back in the United States since the 1970s so that the United States is much more unequal than Europe today. We discuss possible interpretations and lessons for the future.
580 citations
Journal Article•
471 citations
TL;DR: In this article, the authors introduced a growth model that considers the indicator of economic complexity as a measure of capabilities for exporting the high value-added (sophisticated) products.
279 citations
237 citations
References
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TL;DR: This final installment of the paper considers the case where the signals or the messages or both are continuously variable, in contrast with the discrete nature assumed until now.
Abstract: In this final installment of the paper we consider the case where the signals or the messages or both are continuously variable, in contrast with the discrete nature assumed until now. To a considerable extent the continuous case can be obtained through a limiting process from the discrete case by dividing the continuum of messages and signals into a large but finite number of small regions and calculating the various parameters involved on a discrete basis. As the size of the regions is decreased these parameters in general approach as limits the proper values for the continuous case. There are, however, a few new effects that appear and also a general change of emphasis in the direction of specialization of the general results to particular cases.
65,425 citations
TL;DR: The process of industrialization engenders increasing income inequality as the labor force shifts from low-income agriculture to the high income sectors as mentioned in this paper, and on more advanced levels of development inequality starts decreasing and industrialized countries are again characterized by low inequality due to the smaller weight of agriculture in production and income generation.
Abstract: The process of industrialization engenders increasing income inequality as the labor force shifts from low-income agriculture to the high income sectors. On more advanced levels of development inequality starts decreasing and industrialized countries are again characterized by low inequality due to the smaller weight of agriculture in production (and income generation).
7,636 citations
"Linking Economic Complexity, Instit..." refers background in this paper
...Decades ago Simon Kuznets (1955) proposed an inverted-ushaped relationship describing the connection between a country’s average level of income and its level of income inequality....
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Book•
01 Jan 1995
TL;DR: Fukuyama as discussed by the authors argued that the end of the Cold War would also mean the beginning of a struggle for position in the rapidly emerging order of 21st-century capitalism and argued that in an era when social capital may be as important as physical capital, only those societies with a high degree of social trust will be able to create the flexible, large scale business organizations that are needed to compete in the new global economy.
Abstract: In his bestselling "The End of History and the Last Man", Francis Fukuyama argued that the end of the Cold War would also mean the beginning of a struggle for position in the rapidly emerging order of 21st-century capitalism. In "Trust", a penetrating assessment of the emerging global economic order "after History", he explains the social principles of economic life and tells us what we need to know to win the coming struggle for world dominance. Challenging orthodoxies of both the left and right, Fukuyama examines a wide range of national cultures in order to divine the underlying principles that foster social and economic prosperity. Insisting that we cannot divorce economic life from cultural life, he contends that in an era when social capital may be as important as physical capital, only those societies with a high degree of social trust will be able to create the flexible, large-scale business organizations that are needed to compete in the new global economy. A brilliant study of the interconnectedness of economic life with cultural life, "Trust" is also an essential antidote to the increasing drift of American culture into extreme forms of individualism, which, if unchecked, will have dire consequences for the nation's economic health.
7,506 citations
"Linking Economic Complexity, Instit..." refers background in this paper
...in some 3 cases—like that of mining and agricultural products—even a specific climate and geography. As an example, consider the co-evolution between a country’s productive structure and institutions (36), which is an idea that can be traced back to the writings of Adam Smith (37), Alexander Hamilton (38), Harold Innis (29), and Friedrich List (39). Industrial structures co-evolve with institutions be...
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Book•
01 Aug 2013
TL;DR: Piketty's Capital in the Twenty-First Century as mentioned in this paper is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years.
Abstract: A New York Times #1 Bestseller An Amazon #1 Bestseller A Wall Street Journal #1 Bestseller A USA Today Bestseller A Sunday Times Bestseller Winner of the Financial Times and McKinsey Business Book of the Year Award Winner of the British Academy Medal Finalist, National Book Critics Circle Award "It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year-and maybe of the decade." -Paul Krugman, New York Times "The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat." -The Economist "Piketty's Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years." -Steven Pearlstein, Washington Post "Piketty has written an extraordinarily important book...In its scale and sweep it brings us back to the founders of political economy." -Martin Wolf, Financial Times "A sweeping account of rising inequality...Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore." -John Cassidy, New Yorker "Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years." -Timothy Shenk, The Nation
6,234 citations