Patience and long-run growth
Malte Hübner and
Gonzague Vannoorenberghe
MPRA Paper from University Library of Munich, Germany
Abstract:
Complementing research on the effect of patience on individual behavior, we present empirical evidence that patience is an important determinant of long-run income differences between countries. To account for a potential endogeneity bias, we instrument patience by information on how languages spoken in the countries of our sample require speakers to encode time. The economic impact of patience and growth is sizable. Our results suggest that increasing patience by one standard deviation raises per-capita income by between 34% and 78%.
Keywords: long-run growth; time-preferences; patience (search for similar items in EconPapers)
JEL-codes: D91 E03 O47 Z13 (search for similar items in EconPapers)
Date: 2015-06-20
New Economics Papers: this item is included in nep-evo and nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)
Downloads: (external link)
https://mpra.ub.uni-muenchen.de/65553/2/MPRA_paper_65553.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/65810/2/MPRA_paper_65553.pdf revised version (application/pdf)
Related works:
Journal Article: Patience and long-run growth (2015)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:65553
Access Statistics for this paper
More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().