Delayed recovery of the world economy

Hesitant recovery in the world economy

the tragedy of modern man in arthur millers world

what miller wants is a theatre of heightened consciousness. he speaks of two passions in a man, the passion to "feel" and the passion "know". he belives that we can have more of the latter. he says: drama is akin to the other inventions of man in that it ought to help us know more and not merely to spend our feelings. the writing of the crucible shows us that he is trying to give more heightene...

Ethnic divisions, political institutions and the duration of declines A political economy theory of delayed recovery

This paper analyzes the duration of large economic declines and provides a theory of delayed recovery. First, we develop a formal political economy model that illustrates a simple mechanism of how weak constraints on the political executive can lead to longer declines in ethnically heterogeneous countries. The model shows how uncertain post-recovery incomes and a ‘winner-take-all’ threshold eff...

Terrorism and the world economy

It has been argued that terrorism should not have a large effect on economic activity, because terrorist attacks destroy only a small fraction of the stock of capital of a country (see, e.g., Becker, G., Murphy, K., 2001. Prosperity will rise out of the ashes. Wall Street Journal October 29, 2001). In contrast, empirical estimates of the consequences of terrorism typically suggest large effects...

China and the World Economy

We investigate whether inward FDI, either at the firm or industry level, has any impact on product innovation by Chinese State owned enterprises (SOEs). We use a comprehensive firm level panel data set of some 30,000 SOEs covering the period 1999 to 2003. Our results show that foreign capital participation is associated with higher innovative activity. Inward FDI in the sector has a negative ef...