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The conditions for sustainable growth and development are among the most debated topics in economics, and the consensus is that institutions matter greatly in explaining why some economies are more successful than others over time. Probing the long-term effects of early colonial differences on immigration policy, land distribution, and financial development in a variety of settings, Understanding Long-Run Economic Growth explores the relationship between economic conditions, growth, and inequality, with a focus on how the monopolization of resources by the political elite limits incentives for ordinary people to invest in human capital or technological discovery. Among the topics discussed are the development of credit markets in France, the evolution of transportation companies in the United Kingdom and the United States, and the organization of innovation in the United States.
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Understanding Long-Run Economic Growth A National Bureau of Economic Research Conference Report Understanding Long-Run Economic Growth Geography, Institutions, and the Knowledge Economy Edited by Dora L. Costa and Naomi R. Lamoreaux The University of Chicago Press Chicago and London DORA L. COSTA is professor of economics at the University of California, Los Angeles; associate director of the California Population Research Center; and a research associate and director of the Cohort Studies Working Group at the NBER. NAOMI R. LAMOREAUX is professor of economics and history at Yale University, a fellow of the American Academy of Arts and Sciences, and a research associate of the NBER. The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 2011 by the National Bureau of Economic Research All rights reserved. Published 2011. Printed in the United States of America 20 19 18 17 16 15 14 13 12 11 1 2 3 4 5 ISBN- 13: 978- 0- 226- 11634- 1 (cloth) ISBN- 10: 0- 226- 11634- 4 (cloth) Library of Congress Cataloging- in-Publication Data Understanding long- run economic growth : geography, institutions, and the knowledge economy / edited by Dora L. Costa and Naomi R. Lamoreaux. p. cm. — (National Bureau of Economic Research conference report) Includes bibliographical references and index. ISBN- 13: 978- 0- 226- 11634- 1 (cloth : alk. paper) ISBN- 10: 0- 226- 11634- 4 (cloth : alk. paper) 1. Economic development. 2. Economic history. 3. Sokoloff, Kenneth Lee. I. Costa, Dora L. II. Lamoreaux, Naomi R. III. Series: National Bureau of Economic Research conference report. HD78.U544 2011 339.9⬘009—dc22 2010051605 o This paper meets the requirements of ANSI/NISO Z39.48- 1992 (Permanence of Paper). National Bureau of Economic Research Officers John S. Clarkeson, chairman Kathleen B. Cooper, vice-chairman James M. Poterba, president and chief executive officer Robert Mednick, treasurer Kelly Horak, controller and assistant corporate secretary Alterra Milone, corporate secretary Gerardine Johnson, assistant corporate secretary Directors at Large Peter C. Aldrich Elizabeth E. Bailey Richard B. Berner John H. Biggs John S. Clarkeson Don R. Conlan Kathleen B. Cooper Charles H. Dallara George C. Eads Jessica P. Einhorn Mohamed El-Erian Jacob A. Frenkel Judith M. Gueron Robert S. Hamada Peter Blair Henry Karen N. Horn John Lipsky Laurence H. Meyer Michael H. Moskow Alicia H. Munnell Robert T. Parry James M. Poterba John S. Reed Marina v. N. Whitman Martin B. Zimmerman Directors by University Appointment George Akerlof, California, Berkeley Jagdish Bhagwati, Columbia Glen G. Cain, Wisconsin Alan V. Deardorff, Michigan Ray C. Fair, Yale Franklin Fisher, Massachusetts Institute of Technology John P. Gould, Chicago Mark Grinblatt, California, Los Angeles Marjorie B. McElroy, Duke Joel Mokyr, Northw