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Pillars of Prosperity: The Political Economics of Development Clusters (The Yrjö Jahnsson Lectures) by Timothy Besley and Torsten Persson is a nonfiction available to read on EtoBox.

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How nations can promote peace, prosperity, and stability through cohesive political institutions "Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things." So wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters—places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes. To achieve peace, the authors stress the avoidance of repressive government and civil conflict. Easy taxes, they argue, refers not to low taxes, but a tax system with widespread compliance that collects taxes at a reasonable cost from a broad base, like income. And a tolerable administration of justice is about legal infrastructure that can support the enforcement of contracts and property rights in line with the rule of law. The authors show that countries tend to enjoy all

Who reads Pillars of Prosperity: The Political Economics of Development Clusters (The Yrjö Jahnsson Lectures)?

Author

Timothy Besley and Torsten Persson

Publisher

Princeton University Press

Published

2011

Language

EN

ISBN

9786613169044

Category

nonfiction

Subjects

Business, Economics, Law