The determinants of economic success: luck and policy

William Easterly, L. Pritchett

    Research output: Contribution to journalArticle

    Abstract

    A recent World Bank study shows that countries' economic growth rates are highly volatile due to the presence of "luck' - shocks such as shifts in terms of trade. But effective short- and long-term policies can help offset the effects of bad luck and create economic success stories. Good long-term sectoral and macroeconomic policies that lead to high educational enrollment rates, deep financial markets, increased equipment investment, stable and undistorted prices, and realistic interest rates are the only convincing foundation for future growth. -from Authors

    Original languageEnglish (US)
    Pages (from-to)38-41
    Number of pages4
    JournalFinance & Development
    Volume30
    Issue number4
    StatePublished - 1993

    Fingerprint

    economic success
    economic policy
    financial market
    interest rate
    World Bank
    Economic Policy
    economic growth
    determinants
    terms of trade
    macroeconomics
    economics
    policy
    Economics
    Luck
    rate
    effect
    price
    Terms of trade
    Equipment investment
    Economic growth

    ASJC Scopus subject areas

    • Earth and Planetary Sciences(all)
    • Environmental Science(all)

    Cite this

    Easterly, W., & Pritchett, L. (1993). The determinants of economic success: luck and policy. Finance & Development, 30(4), 38-41.

    The determinants of economic success : luck and policy. / Easterly, William; Pritchett, L.

    In: Finance & Development, Vol. 30, No. 4, 1993, p. 38-41.

    Research output: Contribution to journalArticle

    Easterly, W & Pritchett, L 1993, 'The determinants of economic success: luck and policy', Finance & Development, vol. 30, no. 4, pp. 38-41.
    Easterly, William ; Pritchett, L. / The determinants of economic success : luck and policy. In: Finance & Development. 1993 ; Vol. 30, No. 4. pp. 38-41.
    @article{239ed3187c1845b49d2bcfef07c9433b,
    title = "The determinants of economic success: luck and policy",
    abstract = "A recent World Bank study shows that countries' economic growth rates are highly volatile due to the presence of {"}luck' - shocks such as shifts in terms of trade. But effective short- and long-term policies can help offset the effects of bad luck and create economic success stories. Good long-term sectoral and macroeconomic policies that lead to high educational enrollment rates, deep financial markets, increased equipment investment, stable and undistorted prices, and realistic interest rates are the only convincing foundation for future growth. -from Authors",
    author = "William Easterly and L. Pritchett",
    year = "1993",
    language = "English (US)",
    volume = "30",
    pages = "38--41",
    journal = "Finance and Development",
    issn = "0145-1707",
    publisher = "International Monetary Fund",
    number = "4",

    }

    TY - JOUR

    T1 - The determinants of economic success

    T2 - luck and policy

    AU - Easterly, William

    AU - Pritchett, L.

    PY - 1993

    Y1 - 1993

    N2 - A recent World Bank study shows that countries' economic growth rates are highly volatile due to the presence of "luck' - shocks such as shifts in terms of trade. But effective short- and long-term policies can help offset the effects of bad luck and create economic success stories. Good long-term sectoral and macroeconomic policies that lead to high educational enrollment rates, deep financial markets, increased equipment investment, stable and undistorted prices, and realistic interest rates are the only convincing foundation for future growth. -from Authors

    AB - A recent World Bank study shows that countries' economic growth rates are highly volatile due to the presence of "luck' - shocks such as shifts in terms of trade. But effective short- and long-term policies can help offset the effects of bad luck and create economic success stories. Good long-term sectoral and macroeconomic policies that lead to high educational enrollment rates, deep financial markets, increased equipment investment, stable and undistorted prices, and realistic interest rates are the only convincing foundation for future growth. -from Authors

    UR - http://www.scopus.com/inward/record.url?scp=0027729511&partnerID=8YFLogxK

    UR - http://www.scopus.com/inward/citedby.url?scp=0027729511&partnerID=8YFLogxK

    M3 - Article

    VL - 30

    SP - 38

    EP - 41

    JO - Finance and Development

    JF - Finance and Development

    SN - 0145-1707

    IS - 4

    ER -