Monday, October 08, 2007

Kirk Hamilton's Perspective on Institutions is Worth Reading

The debate on what caused growth and from growth the wealth of nations deepens. In addition to reading Gregory Clark’sA Farewell to Alms’ (Princeton University Press), ‘Angry Bear’ (‘slightly left of center economic commentary on news, politics, and the economy’ Blog) here 8 October carries and important reference to a World Bank economist’s report, Where Is The Wealth Of Nations?: Measuring Capital for the 21st Century and a report of an interview by Richard Bailley with the author, Kirk Hamilton, on the Blog: reasononline (here), ‘Our Intangible Riches: World Bank economist Kirk Hamilton on the planet’s real wealth’.

Both Angry Bear and Richard Bailey discuss the report (available here) , which makes an important contribution, especially on the vexed question of the importance, or otherwise, of institutions (broadly defined), which Gregory Clark found ‘unimportant’ in England’s case.

That’s quite a lot of reading to get through (Richard Bailey’s interview covers the main points of Hamilton’s theses), but I urge you to read his report in full.

I have not yet got down to re-reading Gregory Clark’s important book (the usual return to Edinburgh chores are not yet completed) but I am looking forward to doing so.

(Thanks to Angry Bear for the refereneces)


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