Answered: In “Why and When Did the West Get…

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 8E

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In “Why and When Did the West Get Rich?” Maddison argues that the emergence of urban trading centers was an important cause of European economic growth because such centers cause institutional change. Explain the nature of the institutional changes and how they led to increases in growth. Is there a causal link between the institutional change and the proximate causes of growth that Maddison identifies?

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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