Why economic development deviates from human development

• Autorzy: Juri Sepp , Diana Eerma
• Języki publikacji: EN

Abstrakty

EN

The aim of this article is to analyze and explain closer deviations in the economic and human development trying to reach to theoretical as well empirical explanations. The institutional economics offers a starting-point with its understanding that just institutions are stimulation systems for the society. The quality of human capital may be insofar as good itself, but without free and secure institutional environment there is a little hope for the motivated activity of individuals. Besides it the different countries are with very different natural environment and what is especially important - with different natural resources. In the current work we perform two empirical regression analyses - one on transition countries and another on aggregated dataset. Doing so makes possible to perceive robustness of the results. The data of human and economic development originate from the HDR 2009 and characterize the year 2007. The institutional measures are from the Heritage Foundation database of the year 2009. Regarding natural resources we use the DICE database from IFO- Institute. (original abstract)

Słowa kluczowe

EN

Economic development; Economic growth; Human capital

PL

Rozwój gospodarczy; Wzrost gospodarczy; Kapitał ludzki

• Czasopismo: Central European Review of Economics & Finance
• Rocznik: 2011
• Numer: Vol. 1, No 1
• Strony: 13--27

Twórcy

autor

Juri Sepp

autor

Diana Eerma

Bibliografia

• DICE. Database for Institutional Comparisons in Europe. http://www.cesifo-group.de/portal/page/portal/ifoHome/a-winfo/d3iiv
• HDR. Human Development Reports. http://hdr.undp.org/en/
• Heritage Foundation. Economic Freedom. http://www.heritage.org/Issues/Economic-Freedom
• Lucas R. (1988), "On the Mechanics of Economic Development", Journal of Monetary Economics, Vol 11, pp. 3-41.
• Miller T., Kim A. Defining Economic Freedom. http://www.heritage.org/index/PDF/2010/Index2010_Chapter5.pdf
• North D. (1990), Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press.
• North D. (1991), "Institutions", The Journal of Economic Perspectives, Vol. 5, No. 1, pp. 97-112
• North D. (1993), Economic Performance through Time. The Noble Prize Lecture, http://nobelprize.org/nobel_prizes/economics/laureates/1993/north-lecture.html
• Romer P. (1986), "Increasing returns and long run growth", Journal of Political Economy, Vol 94, pp 1002-1037.