Revista OEconomica

Tudor Constantin BĂLAN - Cycles of Freedom: Are Our Rights Today Permanently Secured, or Are We in a Transitional Phase? The Cases of Great Britain, the United States, and Russia

Marius-Cristian PANĂ, Adela BĂLAN - Economic Freedom and Prosperity: A Comparative Analysis of Welfare Determinants at the International Level

Ana Octavia ALBU - When Accurate Forecasts Still Produce Waste: Demand Shocks and Over-Forecasting Risk in Food Retail

Adrian-Ioan DAMOC - The Persian Pivot and the Reconfiguration of Geopolitical Realism: Iran and Venezuela in Strategic Competition among the United States, China, and Russia

Emmanuel Olusegun STOBER - Coercive Diplomacy in the Gulf and the Limits of the Strike-Forward Strategy: Toward a Middle-Power Coalition for Regional Stability

Sorin-Nicolae CURCĂ - On the Informational Entropy of Economic Shock

Florin DĂNESCU - The Banking Sector as Critical Infrastructure in the Logic of Hybrid Conflict: Post-2014 Legislative Convergence in Central and Eastern Europe and the Case of Romania

Alexandru POPOVICI - The Contribution of the Music Industry to GDP and Employment: A Comparative Analysis

Mohammed AL-NASSERY - Implications of the War in the Middle East: An Analysis of the Economic, Security, Humanitarian, and Political Dimensions

Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Delia-Raluca ŞANCARIUC

Academia de Studii Economice din Bucureşti

Dragoş Cosmin Lucian PREDA

Academia de Studii Economice din Bucureşti

The richest country in the world is, currently, 150 times richer than the poorest one. While a European citizen spends an average of €40 to €70 per day for food, half of the global population lives on less than $7 a day per capita. In Europe and the US, people go to school, on average, for almost twice as many years as people in African countries. Progress over the past centuries has been strongly uneven among world’s nations, and while some countries have seen great improvements on economic and social dimensions, others have remained stuck in poverty. The present paper seeks, in its first section, to provide a detailed overview of the development and wealth distribution across the world. In its second section, it aims to outline and critically discuss the various determinants of economic development highlighted in the literature, emphasizing why the institutionalist perspective offers the most consistent and convincing alternative explanation.

ŒCONOMICA no. 2/2023

Keywords: development, economic growth, poverty, standard of living, institutions

JEL: O43, O47, O57, P47

An Inquiry into Development: The Big Picture and Possible Explanations

Select Issue: