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CROSS COUNTRY DIFFERENCES & THE ROLE OF HISTORY & INSTITUTION IN ECONOMICS Submitted by – SHRADDHA SHARMA M.A.PREVIOUS YEAR, ECONOMICS Vasanta College for Women, Affiliated to Banaras Hindu University Submitted to – Dr. VIBHA JOSHI INTRODUCTION Cross country differences are very much there in all aspect of development  This can be used to understand the difference in the rates of growth among countries  Why some countries get caught in the cycle of stagnation and low income and some continue to thrive  It helps in understanding the role of institution and predicting the level of development in a country  Cross county analysis can also help in understanding the role of history in development.  OF THREE EXPLANATION CROSS- COUNTRY DIFFERENCE IN ECONOMIC PERFORMANCE The different literature of economics have offered three explanation for differences in income and growths rate across countries  The well established explanation in the literature takes a production function approach based on the work of Solow (1956)  Another approach explains difference in income and growth across countries as a function of institution, this is based on work of North (1990) & Landes (1998)  Another approach points the effects of geography & location as determinants of growth & income, this is based on the work of Sachs (2003)  THE PRODUCTION FUNCTION APPROACH This views output (Q) as a function of capital (K) & labour (L), i.e. , Q = K+L  Output can be incr ...
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