"One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...

One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...

One of the most important developments in the growth literature of the last decade is the enhanced appreciation of the role that the misallocation of resources plays in helping us understand income differences across countries. Misallocation at the micro level typically reduces total factor...

In the title of his 1989 Richard T. Ely lecture to the American Economic Association, David Landes asked, "Why are we so rich and they so poor?" It is an odd fact that the subsequent explosion of empirical work on economic growth, has rarely returned to this question, choosing to focus instead...