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  1. 2 Economics and Business Review

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  1. 2 Irmen A.

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Editorial introduction

100%
Irmen A.
Economics and Business Review
|
2020
|
vol. 6(20)
|
issue 2
3-6
EN
“Poverty has no causes, wealth has causes”-this statement, attributed to the development economist Peter Bauer (1915-2002),1 may serve as the title of a book on the entire history of growth theory since Adam Smith's An inquiry into the nature and causes of the wealth of nations (Smith, 1776). Indeed to understand why the standard of living diefrs across people, countries and time we need to understand the causes of wealth. This is the topic of the current Economics and Business Review. With this issue the Review honours the outstanding contribution of Professor Oded Galor, Herbert H. Goldberger Professor of Economics at Brown University, to the field of growth theory. At the same time it celebrates the degree of doctor honoris causa that the Poznań University of Economics and Business conferred on him in 2019.2 Oded Galor's eminent research on the causes and the consequences of economic growth has substantially advanced our understanding of how and why economies accumulate wealth diefrently. His research has a tremendous impact on the scientific community. eTh breadth as well as the depth of his research agenda is impressive.3 Seminal contributions to the fields of inequality and economic growth (Galor & Zeira, 1993) and of comparative development (Ashraf & Galor, 2011) stand out. Research papers like Galor and Moav (2002) and Ashraf and Galor (2013) initiated a new literature on the deep roots in comparative economic development. In the profession and beyond, Oded Galor is probably best known as the founder of Unified Growth eThory (Galor, 2005, 2011). This fascinating theory depicts humanity's process of economic development from the Malthusian Regime to the Modern Growth Regime in a single analytical framework that accounts for the specifics of each regime as well as for the endogenous transition between them. ehT first paper of this issue is Oded Galor's article eTh journey of humanity: Roots of inequality in the wealth of nations. Here the author provides a brief and concise world economic history from the vantage point of Unified Growth ehTory. Covering the time span from the appearance of Homo sapiens some 300,000 years up to now his focus is on two striking mysteries of human history namely, i) the emergence of sustained economic growth in large parts of
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Endogenous task-based technical change-factor scarcity and factor prices

100%
Irmen A.
Economics and Business Review
|
2020
|
vol. 6(20)
|
issue 2
81-118
EN
This paper develops a static model of endogenous task-based technical progress to study how factor scarcity induces technological progress and changes in factor prices. The equilibrium technology is multi-dimensional and not strongly factorsaving in the sense of Acemoglu (2010). Nevertheless, labour scarcity induces labour productivity growth. There is a  weak but no strong absolute equilibrium bias. This model provides a plausible interpretation of the famous contention of Hicks (1932) about the role of factor prices and factor endowments for induced innovations. It may serve as a microfoundation for canonical macro-economic models. Moreover, it accommodates features like endogenous factor supplies and a binding minimum wage.
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