The Science of Everything Podcast

In this fourth part of our series on economic growth and development, I outline the major theories of economic development developed over the past sixty years. I trace the development of such theories beginning with the Harrod-Domar theory, and proceeding through the Solow-Swan model, the Ramsey model, Romer's spillovers model, and endogenous growth theory, in each case discussing their key features, and analysing their strengths and weaknesses. The episode concludes with a brief survey of a range of more recent growth models focusing on modelling coordination failures and poverty traps, emphasising the work of Daron Acemoglu on economic institutions. The Recommended pre-listening is Episode 105: Economic Growth and Development Part III.

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In this fifth part of our series on economic growth and development, I examine the major factors that have been advanced as explaining differences in growth outcomes between countries. I provide a summary of the arguments and evidence for and against the importance of culture, dependency, democracy, geography, education, and institutions in accounting for differential growth outcomes, and conclude with a comparative empirical analysis in which I argue that institutional differences explain the majority of growth differences. The Recommended pre-listening is Episode 106: Economic Growth and Development Part IV.

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A discussion of minerals, including their main properties such as crystal structure, habit, cleavage, lustre, and hardness, followed by a brief overview of some of the major mineral classes, with a focus on the various types of silicate minerals. I also discuss the rock cycle and the relationship between the three major types of rocks: igneous, sedimentary, and metamorphic.

In the second part of our series on economic growth and development, I provide a brief history of the world economy, beginning with the key features of premodern economies and the Malthusian trap. I then outline critical developments and points of debate in subsequent economic history, including the Great Divergence, the First and Second Industrial Revolutions, the Great Depression and era of central planning, the Bretton Woods era and the gold standard, and the modern period of neoliberalism and globalisation. Recommended pre-listening is Episode 103: Economic Growth and Development Part I.

If you enjoyed the podcast please consider supporting the show by making a paypal donation or becoming a patreon supporter.

https://www.patreon.com/jamesfodor

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In this sixth and final part in our series on economic growth and development, I discuss in more detail some of the key institutions necessary for economic growth to begin, focusing on property rights, enforcement of contracts, and control of corruption. I review the importance of these institutions in the context of historical case studies of countries ranging from the Soviet Union to Mexico, and outline how the most critical institutions vary with the level of development, giving rise to a middle income trap. I also discuss the Washington Consensus and critically analyse the arguments of critics that such institutional reform is not essential for growth. I conclude with a summary of all we have learned and discussed throughout the growth series. The recommended pre-listening is Episode 107: Economic Growth and Development Part V.

If you enjoyed the podcast please consider supporting the show by making a paypal donation or becoming a patreon supporter.

https://www.patreon.com/jamesfodor

https://www.paypal.me/ScienceofEverything