Abstract
A reduced-form model of GDP per capita is estimated using the classical econometric method and two Bayesian techniques, Extreme Bounds Analysis (EBA) and Bayesian Analysis of Classical Estimation (BACE) for the two millenniums. For several variables, such as the impact of colonialism, the Goldstone hypothesis of efflorescence increasing economic growth, and the impact of technology, this paper lends support, especially when the Bayesian methods are applied. Other results are mixed. Generally, the results support use of Bayesian methods by eliminating hypotheses that are not consistently supported over all models.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
