Open and nimble : finding stable growth in small economies
Author(s)
Bibliographic Information
Open and nimble : finding stable growth in small economies
(Directions in development, . Countries and regions)
World Bank Group, c2018
- : paper
Available at 8 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
  Switzerland
  France
  Belgium
  Netherlands
  Sweden
  Norway
  United States of America
Note
Includes bibliographical references
Description and Table of Contents
Description
In the 1960s, economic development was thought to be shaped by unlimited supplies of labour. Unlimited labour supply implies that wages would remain stagnant even when economies grow. In the 21st Century, the evidence is clear: the correlation between changes in wages and changes in Gross Domestic Product (GDP) per capita is high and close to one across economies of various sizes. Economic Development with Limited Supplies of Labor argues that the size of an economy's labour force does condition development. It studies the challenges of small economies by systematically analysing correlates of labour-force size.The export structures of small economies are concentrated in a few products or services and in a small number of export destinations. In turn, export concentration is associated with terms of trade volatility, which combined with high exposure to international trade, implies that domestic economies also tend to be volatile as external volatility permeates national economic life.Moreover, limited territory plays a role in shaping how economies are affected by natural disasters, even when the probability of facing such disasters is not necessarily higher among small than among large economies. The combination of large governments with macroeconomic volatility seems to be associated with low national savings rates in small economies. This combination could be a challenge for long-term growth if productivity growth and foreign investment do not compensate for low domestic savings.
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