Economics 1021A/B Study Guide - Quiz Guide: Bretton Woods System, Great Divergence, Total Factor Productivity

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: bruce hammond

Document Summary

1914 - 1918: wwi (went back to gold standard: 20/21 recession) 1939-1949: wwii [[ this is rly so sad like get out of depression then go into wwii :( ]] Cultural, social norms, rules of the game (douglas north) Can be formal (codified, written down), informal (collective understanding), enforced or not. No agency - if rules followed or not. Slow to change- to be enforced, internalise rules. Longer process to pass legislation-formal rules- in a democracy. To change rule- step outside it- violate it, disrupt the existing order, don"t know consequences, some might like the existing rule. The legal system civil law vs common law. The education system private schools, public schools, state schools. The health care system private, public (nhs) Proximate sources of growth (k, l, a) are influenced by institutions (deep determinants) Seriously impact transaction costs and transformation costs. Explain performance of different sectors of the economy & different countries over time.