MGMT 1030 Lecture Notes - Lecture 7: Staples Thesis, New Institutional Economics, Feasible Region
12 Nov 2016
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People chose to move to canada because the canadian economy represented the best use of what they had to offer in that period of time. Describes economic growth and diversification arising from exports of natural resources (primary products). Emphasize the importance of institutions and culture in determining economic performance. Stage theories appeal because they allow for stories of growth that agree with the observed facts in some cases. At the same time, stage theories don(cid:495)t provide much guidance as to the timing of (cid:494)takeoff(cid:495) in growth or for explanation of why some economies fail to develop. Staples are commodities that have a high natural resource content produced for export. This thesis describes canadian economic development as driven by several episodes of natural resource exploitation, where exports of primary products are the leading sectors of the economy and set the pace for economic growth. Canada(cid:495)s growth has been episodic and regional in nature.
