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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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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; professor of economics, history, and law at the University of California, Los Angeles; a fellow of the American Academy of Arts and Sciences; and a research associate of the NBER.
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