| 1. |
- Blum, Matthias, et al.
(author)
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A Sustainable Century? : Genuine Savings in developing and developed countries, 1900-2000
- 2016
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Reports (other academic/artistic)abstract
- This chapter traces the long-run development of Genuine Savings (GS) using a panel of eleven countries during the twentieth century. This panel covers a number of developed countries (Great Britain, Germany,Switzerland, France, the US, and Australia) as well as a set of resource-abundant countries in Latin America(Argentina, Brazil, Chile, Colombia, and Mexico). These countries represent approximately 50 percentof the world’s output in terms of Gross Domestic Product (GDP) by 1950, and include large economies and small open economies, and resource-rich and resource-scarce countries, thus allowing us to compare their historical experiences. Components of GS considered include physical and human capital as well asresource extraction and pollution damages. Generally, we find evidence of positive GS over the course of the twentieth century, although the two World Wars and the Great Depression left considerable marks. Also, we found striking differences between Latin American and developed countries when Total Factor Productivity(TFP) is included; this could be a signal of natural resource curse or technological gaps unnoticed in previous works
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| 2. |
- Blum, Matthias, et al.
(author)
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A sustainable century : genuine savings in developing and developed countries, 1900-2000
- 2017
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In: National wealth. - Oxford : Oxford University Press. - 9780198803720 - 9780191844119 ; , s. 89-113
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Book chapter (peer-reviewed)abstract
- This chapter traces the long-run development of genuine savings (GS) during the twentieth century using a panel of developed countries (Great Britain, Germany, Switzerland, France, the US, and Australia) and resource-abundant countries in Latin America (Argentina, Brazil, Chile, Colombia, and Mexico) representing approximately 50% of the world’s output in terms of GDP by 1950. It includes large economies and small open economies, and resource-rich and resource-scarce countries, allowing comparison of their historical experiences. Components of GS considered include physical and human capital as well as resource extraction and pollution damages. Generally, there is evidence of positive GS over the course of the twentieth century, although the two world wars and the Great Depression left considerable marks, but also striking differences between Latin American and developed countries when total factor productivity is included; this could be a signal of natural resource curse or technological gaps unnoticed in previous works.
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| 3. |
- Ducoing, Cristián, 1980-, et al.
(author)
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Growth, inequality and extraction in Ibero-American democratizations
- 2016
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Conference paper (other academic/artistic)abstract
- Will democracy improve the distribution of economic welfare? Do dictatorships leave long-run legacies behind? In this paper we explore four Ibero-American countries with some common historical traits, but also different contexts: Spain, Portugal, Brazil, and Chile. The two Iberian nations suffered long periods of autocratic regime in the 20th Century, while our south American cases had relatively later and shorter dictatorships. We intend to assess the extent to which democratization brought about improvements in societal welfare, combining indicators of inequality and economic performance. We propose the applicability of the concept of Inequality Extraction Ratio, initially suggested for ancient societies but adapted by Milanovic (2013b) to the analysis of contemporary economies. Our hypothesis is that democratizations, while probably not able to achieve reductions in inequality, could have promoted decreases in relative extraction.
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| 4. |
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| 5. |
- Ducoing, Cristián, 1980-
(author)
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Machinery and Horse Power Prices : 1850 – 1913
- 2017
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Conference paper (other academic/artistic)abstract
- The debate on the industrial revolution (IR) has been focused on the incentives behind investment decisions and how the preliminary conditions for it appeared in England / Great Britain. One of the most famous theories to explain the IR is the one developed by Allen (2012, 2009b,a), who argues that the IR was British due to a unique combination of expensive labour and cheap energy, producing incentives to invest in labour-saving machinery. His theory takes into account a vast literature on organic fuels and the transition to fossil fuels (WRIGLEY, 1962; Wrigley, 2013). Several works have proved the existence of cheap fossil fuels during the 19th century, determined by the introduction of coal. Even though the figures on wages and energy are broadly accepted, machinery price indices are challenged. The most widely used index is based almost completely on the price of iron (Feinstein, 1972, 1988). To prove Allen’s hypothesis we require a better index of machinery prices, measuring horsepower prices, relative costs and international changes in their trade. This article presents such a series, using novel data from merchants’ catalogues, international trade statistics plus all the price indices previously available. The new series corresponds to the UK in the period 1850 - 1913; given the influence of British Machinery & Equipment in the world market until 1913, this price index could be useful to understand the transformation of relative costs in several regions.
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| 6. |
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| 7. |
- Ducoing Ruiz, Cristián, 1980-
(author)
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Un siglo de expansión y divergencia : Inversión en maquinaria en una economía periférica Chile 1830 – 1938
- 2016
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In: Perfiles Económicos. - Valparaiso : Ediciones Universitarias de Valparaiso. - 0719-756X. ; 1:1, s. 43-81
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Journal article (peer-reviewed)abstract
- The economic development of Chile represents an interesting case of divergence and convergence with developed countries. In the late nineteenth century, its GDP per ca-pita was comparable with some countries of the European periphery and far exceeded the current developed countries of South East Asia. However, after the First World War and particularly in the years following the Great Depression, Chile began to show clear signs of exhaustion of its growth model. This article, using quantitative series of physical capital in machinery of recent works (doctoral theses, articles and book chapters) plus primary sources, the influence of physical capital formation in machi-nery is analyzed and their relationship with the divergence of Chile with the group of advanced countries. Additionally, this article presents a sectoral analysis of investment in machinery for the main productive sectors.
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| 8. |
- Hölsgens, Rick, et al.
(author)
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Machines, energy and economic growth : energy capital ratios in Europe and Latin America 1875 - 1970
- 2015
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Conference paper (peer-reviewed)abstract
- The relationship between energy and capital is one of the most important relationships of modern economic growth. Machines need energy to produce all the goods we enjoy; energy without machinery is useless. However, the great majority of the economic models do not take into account the elasticities of substitution (or complementaries) between these two main variables. Actually, energy is absent in many growth models and discussions on diverging economic development paths. We approach this relevant issue from a new perspective: energy and capital relations during 100 years. We use the latest estimations of capital stock (machinery and equipment) and energy consumption for Latin America and compare them with those of Western Europe. The energy capital ratio (how much energy is used per unit of capital) could be a predictor of economic growth, thus providing some answers about the timing and causes of the different modernisation patterns of these regions and showing us some answers about the long run relationship between energy consumption and capital accumulation.
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