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1. Robert Fogel found small "social savings" estimates for the effect of the railroad on economic growth in the U.S.--on the order of 4% of GDP. John Coatsworth found large "social savings" estimates for the effect of the railroad on economic growth in Mexico--on the order of 60% of GDP. In a paragraph, what do you think accounts for the difference?
2. What does Greg Mankiw believe have been the principal factors behind the divergence of nations (in relative productivity levels) over the past century?
3. What does Barry Eichengreen mean when he claims that the gold standard caused the Great Depression?
4. What are the principal lessons from late nineteenth century globalization for us today trying to cope with twenty-first century globalization?
5. What does Charles Calomiris think were the costs of rejecting the "German model" of financial organization--big banks, long-term relationship between firms and financiers, and a debt-heavy capital structure?
6. What does Gavin Wright believe were the origins of American industrial success?
7. Why, according to Greg Clark, isn't the whole world developed?
8. What does Peter Temin believe international trade tells us about the Crafts-Harley view that technical change during the British industrial revolution was confined to a few "leading sectors"?
9. Why does Michael Kremer believe that sooner or later an industrial revolution was inevitable?
10. Why don't Liebowitz and Margolis believe that "QWERTY" matters?
1. Since World War II most of the world has seen "divergence," while the OECD economies have seen "convergence." What are the theories covered in the course for the very different relative destinies experienced by the world as a whole and the OECD economies? Which (if any) do you find most convincing?
2. Why do you believe that the Great Depression was so great? Which of the readings on the Great Depression do you think are insightful? Which do you think go down the wrong track?
3. Why was the United States an "exceptional nation" in the nineteenth and twentieth centuries? What difference did "American exceptionalism" make? Do you think that the United States will continue to be an "exceptional nation" in the twenty-first century?
4. Do you think that economic development outside the industrial core been fast or slow over the past two centuries? Why do you think it has been fast or slow? What factors have kept it from being slower or faster?
Professor of Economics
J. Bradford DeLong, 601 Evans
University of California at Berkeley; Berkeley, CA 94720-3880
(510) 643-4027 phone (510) 642-6615 fax
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