Economic growth in Latin America: Some determinants from the Austrian perspective

Abstract:

Latin America and especially Ecuador are considered territories with great prospects for economic growth. However, economic growth since they became republics is far from satisfactory. For this reason, classical, neoclassical, Keynesian political economy, Latin American thinkers and even neo-institutionalism have proposed a whole series of causes of economic growth. However, most of the proposals either tend more towards the search for macroeconomic balance by departing from the context or, on the contrary. The objective of this work is to combine institutional and economic aspects from the theory of capital seen as an intertemporal process. A bibliographical research was carried out showing the Austrian institutional vision and its contribution to the macroeconomics of the intertemporal structure of capital. The most important result is that political instability in Latin America chronically affects growth and its quality. It is concluded that political processes in Latin America have chronically affected the timeless structure of capital where the production of superior goods has given preference to first-order goods, thereby affecting both long-term growth and economic diversification.

Año de publicación:

2022

Keywords:

• Capital intertemporal structure
• Political disturbances
• economic growth
• Latin America
• Capital structure

Fuente:

scopus