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.
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About the Author
Stephen L. Parente is Associate Professor of Economics at the University of Illinois, Urbana-Champaign.
Edward C. Prescott is Regents' Professor at the University of Minnesota and Economic Advisor, Federal Reserve Bank of Minneapolis.
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1 of 1 people found the following review helpful:
5.0 out of 5 stars
Debug the Myths of Poor Countries,
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This review is from: Barriers to Riches (Walras-Pareto Lectures) (Paperback)
Parente and Prescott use simple language to explain the cause of the large income difference between developing countries and developed countries. In daily medias like TV and propaganda, the difference is attributed to exploitation of the rich countries on poor countries. Also these exploitation will capture the little accumulated capital in poor countries that is the fuel of their economics growth. But Parente and Prescott use both data and economics theory to show that the true cause of poverty in developing countries is government granted "MONOPLY". If the developing countries still think that they need to protect their existing industries by Monopoly so that their workers can receive more. They are actually cutting the income of the workers in future. I highly recommend all those people who want to help the poor in developing countries to read this book so that they learn the correct way to help the poor.
chris tam hong kong
0 of 1 people found the following review helpful:
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Barriers to Riches-Awesome book,
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This review is from: Barriers to Riches (Walras-Pareto Lectures) (Paperback)
It is a must read for people interested in Economics and also those who want to work in developing countries and not so rich countries.
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First Sentence:
Differences in living standards across countries are huge. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
monopoly rights arrangement, international income differences, unmeasured investment, capital share parameter, intangible capital stock, useable knowledge, gig mill, human capital services, efficient work practices, factor suppliers, balanced growth path, modern economic growth, more productive technologies, international incomes, relative income levels, growth miracle, doubling period, neoclassical growth model, farm sector, discounted stream, neoclassical growth theory Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, South Korea, World War, United Kingdom, New Zealand, West Germany, Hong Kong New!
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
Differences in living standards across countries are huge. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
monopoly rights arrangement, international income differences, unmeasured investment, capital share parameter, intangible capital stock, useable knowledge, gig mill, human capital services, efficient work practices, factor suppliers, balanced growth path, modern economic growth, more productive technologies, international incomes, relative income levels, growth miracle, doubling period, neoclassical growth model, farm sector, discounted stream, neoclassical growth theory Key Phrases - Capitalized Phrases (CAPs): (learn more)
United States, South Korea, World War, United Kingdom, New Zealand, West Germany, Hong Kong New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
Citations (learn more)
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30
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- Private Enterprise in Africa: Creating a Better Environment (World Bank Discussion Papers) by Keith Marsden in Back Matter
- The Lever of Riches: Technological Creativity and Economic Progress by Joel Mokyr in Back Matter
- Contractual Arrangements for Intertemporal Trade (Minnesota Studies in Microeconomics) by Edward Prescott in Back Matter
- Economic Growth by Robert J. Barro in Back Matter
- The Prudential Regulation of Banks by Mathias Dewatripont in Front Matter
See all 15 books this book cites
- The Triumph of the Flexible Society: The Connectivity Revolution and Resistance to Change by Manuel Hinds on page 42, page 55, and Back Matter
- Lessons from NAFTA: For Latin America and the Caribbean (Latin American Development Forum) by Luis Serven on page 76, page 245, and page 287
- Economics With Calculus by Michael C. Lovell on page 571, and Back Matter
- Global Integration and Technology Transfer (Trade and Development) by Bernard M. Hoekman in Back Matter
- The Mystery of Economic Growth by Elhanan Helpman in Back Matter
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