IMF: productivity, not institutions, drive incomes higher
A paper published by the IMF this month finds evidence that the contribution of total factor productivity to differences in income across countries steadily rose between 1970 and 2000.
The paper argues that theories explaining cross-country income differences based on institutions or on forces that are constant over time, such as geography or legal origin, should be reconsidered in light of their consistency with the rise of the explanatory power of total factor productivity.
The paper finds
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