Master Chefs Grow Slower Than New Cooks

Inspired by a podcast at MacroMusings, let’s talk about growth.  Alex Tabarrok and Tyler Cowen, co-authors of a couple of excellent textbooks on the principles of economics, discuss what they mean by “cutting edge” growth and “catching up” growth.  The reason for this distinction arises because of the claim that particular institutions promote economic growth. … Continue reading Master Chefs Grow Slower Than New Cooks