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Volatile States: Institutions, Policy, and the Performance of American State Economies
By: William Mark CrainImprint: University of Michigan Press
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Why do American state economies grow at such vastly different rates and manifest such wide differences in living standards? Volatile States identifies the sources of rising living standards by examining the recent economic and fiscal history of the American states. With new insights about the factors that contribute to state economic success, the book departs from traditional analyses of economic performance in its emphasis on the role of volatility. Volatile States identifies institutions and policies that are key determinants of economic success and illustrates the considerable promise of a mean-variance criterion for assessing state economic performance. The mean-variance perspective amends applications of growth models that rely on the mobility of productive factors keyed to income levels alone. Simply measuring the level of growth in state economies reveals an incomplete and perhaps distorted picture of performance. Taking the volatility of state economies explicitly into account refines the whole notion of "economic success." This book is essential reading for economists, political scientists, and policy-makers who routinely confront questions about the consequences of alternative institutional arrangements and economic policy choices. W. Mark Crain is Professor of Economics and Research Associate, James M. Buchanan Center for Political Economy, George Mason University.
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| Title of eBook: Volatile States: Institutions, Policy, and the Performance of American State Economies | |
| Release Date: 12-10-2009 | |
| Publisher: University of Michigan Press |
This eBook download is available in the following formats:
| Parent title | Volatile States: Institutions,... |
|---|---|
| Encrypted (DRM) | Yes |
| SKU | 9780472024070 |
| File size | 853 |
| Security | n/a |
| Printing | Not allowed |
| Copying | Not allowed |
| Read aloud | No Sys requirements Download reader |
| Devices | Samsung Tablet, Apple Ipad & Iphone, Barnes & Noble Nook, Kobo eReader, Aluratek Libre, Iliad, Nokia, Blackberry, Hanlin |
| Note | Excellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing. |
Volatile States: Institutions, Policy, and the Performance of American State Economies
Chapter One
Champions of the State Growth League
The economic history of the United States in the twentieth century reflects enormous progress. Living standards more than quadrupled between 1929, the year of the infamous stock market crash and the beginning of the Great Depression, and 1999. Income per capita rose to just above $29,500 in 1999 from about $7,000 in 1929 (both denominated in 2000 dollars). Figure 1.1 shows the powerful upward trajectory in U.S. living standards over the course of these seven decades.
What dampens the optimism about future economic progress is that the U.S. economy grew at an increasingly slower pace in the closing decades of the twentieth century in comparison to earlier decades. Figure 1.2 illustrates this diminishing performance of the U.S. economy, breaking down the average annual growth rate by decade. In the depression-wracked 1930s real per capita incomes declined slightly, followed by the roaring 1940s, when real per capita income grew at an average annual rate of 3.8 percent. World War II clearly pulled the U.S. economy out of its Great Depression and fueled the best decade of growth in the twentieth century. In the postwar 1950s, growth moderated but remained at a healthy 2.6 percent annual rate before accelerating once again in the 1960s to 3.3 percent. Then came the slowdown: growth rates fell to 1.9 percent in the 1970s, to 1.6 percent in the 1980s, and even lower to 1.3 percent in the 1990s.
A rigorous analysis of the U.S. income data during these seven decades confirms this thesis of a national slowdown. Estimating the regression model specified in equation (1.1) over various
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