### 经济代写|宏观经济学作业代写Macroeconomics代考|The Prevalence of Policies and Institutions over Culture

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• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (Generalized) Linear Models 广义线性模型
• Statistical Machine Learning 统计机器学习
• Longitudinal Data Analysis 纵向数据分析
• Foundations of Data Science 数据科学基础

## 经济代写|宏观经济学作业代写Macroeconomics代考|The Prevalence of Policies and Institutions over Culture

The evidence suggests that the growth of an economy depends more on the institutions and policies that are implemented than on the cultural characteristics of the population.

The case of North and South Korea is a good example of this thesis. In 1945, at the end of World War II, the Korean Peninsula was artificially divided in two, north and south. The former was initially occupied by the Soviet Union and the latter was dominated by the United States. Before that, the peninsula had been a unified territory for centuries; hence, inhabitants on both sides shared the same cultural codes, customs, traditions, and even festivities. However, while South Korea began to implement pro-market institutions that promoted competition and allowed the free flow of goods, capital, and people, North Korea instead established a centralized system that imposed severe restrictions on the economy.

The diverging paths of development that the two parts of the peninsula followed speaks for itself. In 1990 , forty-five years after the division, the per capita GDP of South Korea was already six times that of North Korea. By 2016, the per capita GDP of South Korea was more than twenty times that of North Korea. East and West Germany represented a similar case right up to the fall of the Berlin Wall in 1991. In 1990 the pro-market Federal Republic of Germany, or West Germany, had a per capita GDP almost four times that of the German Democratic Republic (East Germany). These examples clearly illustrate that the growth of an economy depends more on its institutions than on cultural factors.

## 经济代写|宏观经济学作业代写Macroeconomics代考|These examples clearly

Studies on the matter during the last decade have provided this theory with robust empirical evidence. The distinguished MIT economist Daron Acemoglu and his British colleague, James Robinson, are outstanding contributors to this topic. They used historical data and sophisticated empirical methods to conclude that the main determinant of differences in prosperity across countries is differences in institutions. According to their findings, achieving greater economic growth and prosperity requires reforming institutions, something that depends heavily on political processes.

Following the thesis supported by Acemoglu and Robinson, China gives reason for debate. Between 1980 and 2010 , the Chinese economy grew at an impressive average rate of 10 percent, and at a no less impressive rate of $7.5$ percent between 2011 and 2017. On the other hand, one must consider the significant influence the Chinese government still maintains over some areas of production. When this control is considered along with the facts that capital does not flow freely and that political institutions are far from transparent, one might have reason to doubt that institutions are really the greatest determinant of countries’ development. However, although China does not have “optimal” economic or political institutions, the country has enacted substantial reforms in recent decades in the direction of a more open and decentralized economy. These reforms were critical for greater productivity growth, a key driver of China’s economic performance. Thus the case of China reaffirms the importance of institutions to achieving economic prosperity.

## 经济代写|宏观经济学作业代写Macroeconomics代考|Natural Resources and Economic Growth

Whether natural resources are a factor that contributes to economic growth has long been debated in economics. Intuitively, a country endowed with large reserves of natural resources should be able to obtain large revenues by exploiting them, thus becoming richer than other countries. However, several studies have shown that economies with abundant natural resources tend to grow less than resource-scarce economies, a phenomenon known as the resource curse. Researchers who have explored this phenomenon include Sachs and Warner; Boschini, Pettersson, and Roine; and Van der Ploeg.

Several theories attempt to explain why resource revenues may have an adverse effect on economic growth. Some authors have pointed out that the intrinsic volatility associated with the price of natural resources increases overall volatility in the country, thus affecting investment decisions. Natural resource revenues may also generate incentives for rent-seeking, which occurs when entrepreneurs find it more profitable to lobby in order to obtain a portion of the resource rents instead of engaging

in productive activities. Other studies have highlighted the political effects of an abundance of natural resources, since large resource revenues may lead to corruption or may be used to gain political support instead of improving local living standards.

There is probably no unique explanation for the resource curse; however, most authors agree that a resourceabundant country is not condemned to poor economic performance. There are many resource-abundant countries with low economic development, such as Sierra Leone, Bolivia, and the Democratic Republic of Congo, though other resource-abundant countries have successfully promoted economic growth, such as Norway, Australia, and Botswana. Countries that have exploited their abundant natural resource endowments and simultaneously accomplished economic development were most likely able to do so because of the quality of their economic and political institutions.

Once again, institutions are a key determinant of differences in prosperity across countries. Solid macroeconomic institutions will help reduce the volatility associated with the international price of natural resources, well-stablished property rights will avoid rent-seeking incentives, and government accountability and transparency will reduce corruption.

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## MATLAB代写

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