Can the Free Market End Global Poverty? Joseph Stiglitz vs. William Easterly
26 Apr 2020 Leave a comment
in Bill Easterly, comparative institutional analysis, constitutional political economy, development economics, economic history, economics of bureaucracy, economics of education, economics of regulation, growth disasters, growth miracles, history of economic thought, income redistribution, industrial organisation, labour economics, law and economics, P.T. Bauer, privatisation, property rights, Public Choice, public economics, rentseeking, survivor principle Tags: The Great Enrichment, The Great Escape
P.T. Bauer on beggars in India
06 Nov 2019 Leave a comment
in development economics, growth disasters, P.T. Bauer Tags: India
PT Bauer on wealth and power
06 Jun 2016 Leave a comment
in comparative institutional analysis, constitutional political economy, development economics, labour economics, liberalism, P.T. Bauer, poverty and inequality, Public Choice Tags: wealth and power
Tyler Cowen on Peter Bauer
03 May 2016 Leave a comment
in development economics, economics, growth disasters, growth miracles, P.T. Bauer Tags: The Great Escape
P.T. Bauer on @BernieSanders extending #fightfor15 to entire Third World!
19 Apr 2016 Leave a comment
in applied welfare economics, behavioural economics, constitutional political economy, development economics, economic history, growth disasters, growth miracles, P.T. Bauer, politics - USA, Public Choice Tags: 2016 presidential election, antiforeign buyers, George Orwell, living wage, rational irrationality, The fatal conceit, The pretense to knowledge
India tried that in the 1950s as part of its five-year plans. It did not work that well. Bauer said that in development economics there is a “need to restate the obvious.”
Source: Ending the Race to the Bottom – Bernie Sanders.
Source: Indian Economic Policy and Development – P. T. Bauer (1959) – Google Books
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Will the population bomb prevent the great stagnation?
16 Apr 2016 Leave a comment
in applied price theory, development economics, economic growth, industrial organisation, P.T. Bauer, population economics Tags: doomsday prophecies, endogenous growth theory, pessimism bias, population bomb
If only Paul Ehrlich had been right! Population explosion would have meant an explosion in people who could invent new technologies and populate in much larger markets to provide an incentive to invent new products.
Among Paul Ehrlich’s many analytical errors, he did not take into account that more people meant more inventors and more untapped markets.
Jones argued that in the very long run the only way to have further innovation is to have more people. If there are more people undertaking R&D and more people to populate the markets for those inventions, there will be further growth because the decreasing returns to knowledge creation will be overcome by having more R&D workers.
Jones attributes much of the growth in the 20th century to one-off effects that cannot be repeated such as putting more people into higher education:
… growth in educational attainment, developed-economy R&D intensity, and population are all likely to be slower in the future than in the past. These factors point to slower growth in US living standards.
Second, a counterbalancing factor is the rise of China, India, and other emerging economies, which likely implies rapid growth in world researchers for at least the next several decades.
Third, and more speculatively, the shape of the idea production function introduces a fundamental uncertainty into the future of growth. For example, the possibility that artificial intelligence will allow machines to replace workers to some extent could lead to higher growth in the future.
A larger population increases the rate of technological progress by increasing the number of geniuses and other creative people.The doomsday prophecies about the population bomb never took that into account. That is why they are wrong.
Lord Nicholas Stern – wrong from the start
19 Nov 2015 2 Comments
in development economics, economic history, history of economic thought, P.T. Bauer
Source: Nicholas Stern “Professor Bauer on development”, Journal of Development Economics (1974).
Source: “A Voice for the Poor”, The Economist (2 May 2002).
Source: Ian Vazquez “Peter Bauer: Blazing the Trail of Development”, Econ Journal Watch (May 2007).
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