Double-digit growth in real GDP is defined as a compound annual growth rate of 10 percent or more over a period of eight years or longer. This paper was written as a policy memorandum for the Government of Liberia, which seeks rapid growth in order to reach middle-income status by 2030. For Liberia, current IMF forecasts predict growth in real GDP on the order of 6 to 7 percent per year. The comparative analysis of this paper asks: In what ways do countries growing real GDP at double-digit rates differ from countries growing real GDP at rates of 6-7 percent? Overall, the findings suggest that Liberia is reasonably well positioned to become another country with double-digit growth. Yet as the analysis shows, countries that have attained double-digit growth are not unequivocally a group that one should strive to join. The ultra-rapid growers whose growth has been driven by resources, aid, or remittances have not generally conducted the sorts of reforms to the legal, regulatory, and governance environment that could have generated high growth without such unearned income. They have also not generally invested their rents well in infrastructure or human capital. Moreover, post-conflict double-digit growers have found it difficult to
San Francisco has always been a beacon for people who want to change the world. From beat poets to hippies to gay activists, each wave of counterculture immigration has put its stamp on the city, creating a unique blend that has set it apart from any other in America.
That culture, in turn, has been a draw for innovators of a different sort—technology workers who began populating the suburbs of the South Bay, which came to be known as Silicon Valley, in the 1970s and ’80s. In recent years, they have increasingly put down roots in San Francisco itself, commuting south to work by day and coming home for restaurants, art, and culture at night. And more and more, tech businesses are locating here.
“This is a place where the effects of inequality appear to be heightened and most palpable”
In doing so, however, technology workers may be threatening the very culture that they came to celebrate. The influx of wealthier professionals has driven up housing costs, increased the pace of gentrification, and threatened the city’s rich racial and socioeconomic diversity. Tensions came to a head in December 2013, when a group of angry protesters stopped a Google commuter bus leaving San Francisco
Bribery is widespread around the world, illegal, detrimental to economic progress and social stability, and at the same time it can have clear economic benefits for a firm. While the benefits of bribery for a firm, through acquisition of contracts or avoidance of government bureaucracy, are intuitive and well documented, the costs after detection are less well understood. In this paper the author examines how the impact on firm competitiveness from the detection of bribery varies with the identity of the initiator, the method bribery was detected, and the firm’s response after detection. All three dimensions are significantly associated with the impact on firm competitiveness. In addition, the data suggest that the most significant impact is on employee morale, followed by business relations and reputation, and then regulatory relations. Key concepts include:
- Internally initiated bribery from senior executives is correlated with higher likelihood of significant impact.
- Bribery cases detected by the internal control systems of the firm are associated with a lower likelihood of significant impact on the business and regulatory relations of a firm.
- Firms that responded by firing an employee or ceasing business relations with outside parties that initiated the bribery have lower likelihood of significant impact.
- Understanding how managers’ perceptions
Conventional wisdom says that money can’t buy happiness. Behavioral science begs to differ. In fact, research shows that money can make us happier—but only if we spend it in particular ways.
In their book Happy Money: The Science of Smarter Spending, authors Elizabeth Dunn and Michael Norton draw on years of quantitative and qualitative research to explain how we can turn cash into contentment.
The key lies in adhering to five key principles: Buy Experiences (research shows that material purchases are less satisfying than vacations or concerts); Make it a Treat (limiting access to our favorite things will make us keep appreciating them); Buy Time (focusing on time over money yields wiser purchases); Pay Now, Consume Later (delayed consumption leads to increased enjoyment); and Invest in Others (spending money on other people makes us happier than spending it on ourselves).
In the following video, the first in a series, Norton doles out some cash to two women in Harvard Square on a sunny summer day. The catch: Each of them must take the money and spend it on an experience.
“One of the most common things people do with their money is get stuff,” explains Norton, an associate professor of marketing at Harvard Business