How would you fit the narrative of William Lazonick’s "Sustainable Prosperity in the New Economy"? within the larger story about institutions, property rights, transaction costs,rent seeking, public goods, inequality, and growth told by North, Clarks, Olson, Lindert, as well as Sokoloff and Engerman? If the authors were gathered in the same room, how would their conversation develop a climax? What issues would they disagree about or view as irresolvable and what would they generally agree about and consider settled? How would William Lazonick’s entry shed light on older ideas as well as current issues of growth and distribution? Your assignment is to write a literature review presenting William Lazonick’s Sustainable Prosperity in the New Economy within the context of the larger narrative about the political economy of growth and distribution as presented by North, Clark, Olson, as well as Sokoloff and Engerman.
Please use these sources:
Lazonick, William. 2009. Sustainable Prosperity in the New Economy. W.E. Upjohn Institute. [Available at Franklin Bookstore]
Lindert, Peter H. 2004. Growing Public: Social Spending and Economic Growth Since the Eighteenth Centur, Volume 1. Cambridge: Cambridge University Press. [Available at Franklin Bookstore]
North, Douglass. 1981. Structure and Change in Economic History. New York: W.W. Norton & Company. [Available at Franklin Bookstore]
Olson, Mancur. 1982. The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities. New Haven: Yale University Press. [available at Franklin Bookstore]
Sokoloff, Kenneth L. and Stanley L. Engerman. 1997. â€œFactor Endowments, Institutions, and Differential Paths of Growth Among New World Economies: A View from Economic Historians of the United Statesâ€ in How Latin America Fell Behind. Stephen Haber, ed., Stanford University Press. [Available on Moodle]
Clark, Gregory. 2007. A Farewell to Alms: A Brief Economic History of the World. Princeton: Princeton University Press. [Available at Franklin Bookstore].