; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Early Progress on the \"Problem of Economic Development\""; ; "jannelle.ruswick@mpls.frb.org"; "Schmitz, James Andrew"; "Federal Reserve Bank of Minneapolis"; "This study describes recent attempts to solve what Lucas has called the \"problem of economic development\"—the problem of accounting for the great disparity in per-capita output across countries. The study examines a number of economic development theories, including the neoclassical theory of growth, which relies on cross-country differences in physical capital per person to explain the disparity, and newer theories, which stress cross-country differences in human capital, or education. It is argued that these models cannot account for observed per-capita output diversity. More promising theories are those that stress differences in incentives for entrepreneurs to create businesses (i.e., business capital) and adopt new technologies."^^; "1993 Spring"; "2019-12-11T15:28:50.213433349+00:00"^^; "https://doi.org/10.21034/qr.1722"; ; "Mon Dec 16 17:28:31 2019"; "Article"; "702"; "Quarterly review (Federal Reserve Bank of Minneapolis. Research Department)"; "Vol. 17, No. 2"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .