Technology Dynamics and Growth

According to the Solow Model, productivity growth is the key to long-term, sustained economic growth. In practice, this is quantified by a blunt measure of economic efficiency called total factor productivity (TFP). Referred to as a "measure of our ignorance" by Robert Solow himself, TFP is calculated by summing up all growth that is not … Continue reading Technology Dynamics and Growth

Partners in Light

For a primer on Haiti's history and some causes of its persistent poverty, check out this piece I wrote for the Wisconsin International Review.  In early January 2017, I was awaiting my departure in Haiti's crowded, fan-cooled Toussaint Louverture International Airport at the end of my third week-long church-affiliated service trip to the Eben-Ezer Mission community … Continue reading Partners in Light

Premature Deindustrialization: Economic Growth Then & Now

The conventional path for economic development has been to use industrialization — the process of increasing industry's relative contribution to total GDP and employment, at the expense of those of agriculture and services — as a means to enable rapid convergence. "Convergence" refers to a catch-up effect whereby countries that have low levels of income … Continue reading Premature Deindustrialization: Economic Growth Then & Now

The Causes of the Wealth of Nations

Sustained, long-term output per capita growth, often referred to simply as "economic growth" is the ultimate goal of most economic policy interventions, and there are a number of models — mathematic representations of the economy — designed to explain how adjusting certain variables affects output per capita. The Solow Model is one of the simplest models of … Continue reading The Causes of the Wealth of Nations