Determinants of Economic Growth
Research on economic growth has exploded in the past decade. Hundreds of empirical studies on economic growth across countries have highlighted the correlation between growth and a variety of variables. Determinants of Economic Growth, based on Robert Barro's Lionel Robbins Memorial Lectures, delivered at the London School of Economics in February 1996, summarizes this important literature.
The book contains three essays. The first is a survey of the research on the determinants of long-run growth through the estimation of panels of cross-country data. The second essay details the interplay between growth and political freedom or democracy and finds some evidence of a nonlinear relationship. At low levels of political rights, an expansion of rights stimulates growth; however, once a moderate level of democracy has been obtained, a further expansion of rights reduces growth. The final essay looks at the connection between inflation and economic growth. Its basic finding is that higher inflation goes along with a lower rate of economic growth.
About the Author
Robert J. Barro is Robert C. Waggoner Professor of Economics at Harvard University and a senior fellow of the Hoover Institution at Stanford University.
—Allan H. Meltzer, University Professor of Political Economy and Public Policy, Carnegie Mellon University
—Xaviaer Sala-i-Martin, Professor of Economics, Columbia University and Universitat Pompeu Fabra
—Sergio Rebelo, Professor of Economics, Rochester University
—Charles Bean, Professor, London School of Economics