Journal of Economics and Political Economy

Unified Growth Theory contradicted by the absence of takeoffs in the Gross Domestic Product

Ron W. NIELSEN — 2025-10-26

Data describing historical economic growth are analysed. They demonstrate convincingly that the take offs from stagnation to growth, claimed in the Unified Growth Theory, never happened. This theory is again contradicted by the same data which were used, but never properly analysed, during its formulation. The absence of the claimed takeoffs demonstrates that the postulate of the differential takeoffs is also contradicted by data. Furthermore, this analysis demonstrates that the mathematically-analysable data contradict the concept of the prolonged Malthusian stagnation, its effects on the economic growth as well as the concept of a dramatic escape from the Malthusian trap.

Keywords.Historical economic growth, regimes of growth, Malthusian stagnation, takeoffs, Malthusian trap, hyperbolic growth.

JEL. A10, B10, B22, F01, N10

Reflections on Zimbabwe’s past and future: Tradeoffs between the Lexus and the Baobab Tree

Craig J. RICHARDSON — 2025-10-26

This paper examines the ongoing economic challenges in Zimbabwe, particularly in the context of the government's post-2018 attempts to encourage foreign direct investment and achieve economic recovery. Despite an initial seemingly welcoming posture toward international business, persistent issues like continued land expropriations, chronic deficit spending, and severe liquidity shortages present formidable obstacles. The paper argues that the central impediment to sustainable growth is the persistent damage to property rights resulting from the post-2000 land reforms, which led to a catastrophic decline in agricultural output and necessitate food aid. Drawing on the metaphor of "The Lexus and the Baobab Tree"—representing globalized, efficient economic systems versus traditional, centralized culture—the analysis posits that Zimbabwe's current model resembles a "Baobab Tree economy," characterized by the export of crude, unprocessed commodities. This lack of economic complexity subjects the nation, especially its poorest citizens, to extreme volatility and risk from global commodity price swings, acting as a profound form of uncertainty. The paper critiques the move toward 99-year land leases as a flawed compromise, challenging the arguments of proponents who suggest these leases offer advantages over freehold titles in terms of "democratic accountability," "flexible land markets," and access to credit. Through comparison with Rwanda's impressive economic transformation—driven by substantial improvements in property rights and the business environment—the paper demonstrates that clear, secure property titles are fundamental to fostering a diversified, complex economy. Ultimately, the paper contends that freehold property titles are essential to unleash human creativity, diversify economic output, and provide a greater degree of economic stability and higher living standards for Zimbabweans, creating a necessary "insurance policy" against global shocks.

Keywords. Zimbabwe; Property Rights; Economic Complexity; Land Reform; Foreign Direct Investment (FDI).

JEL. O13; K11; P26; F21; O55.

The distributions in nature and entropy principle

Oded KAFRI — 2025-10-26

The derivation of the maximum entropy distribution of particles in boxes yields two kinds of distributions: a "bell-like" distribution and a long-tail distribution. The first one is obtained when the ratio between particles and boxes is low, and the second one - when the ratio is high. The obtained long tail distribution yields correctly the empirical Zipf law, Pareto's 20:80 rule and Benford's law. Therefore, it is concluded that the long tail and the "bell-like" distributions are outcomes of the tendency of statistical systems to maximize entropy.

Keywords. Maximum Entropy, Long tail distribution, 20:80 Pareto's rule, Zipf Law, Benford's law, Bell-like distribution.

JEL. C62.

Reviving Classical Liberalism Against Populism. By Nils Karlson, Springer 2024

Scatt CARSON — 2025-10-26

Authored by Nils Karlson, this monograph, part of the Palgrave Studies in Classical Liberalism series, addresses the contemporary global rise of populism by advocating for a revival and reinterpretation of Classical Liberalism. The book operates from the premise that the core tenets of the liberal tradition—specifically epistemic independence from centralized power and respect for dispersed knowledge—have been neglected by overly rationalistic and constructivist approaches, leaving a vacuum that populism exploits. Karlson draws heavily on intellectual sources like the Scottish Enlightenment and Austrian economics, emphasizing the foundational importance of spontaneous order and evolved social norms over conscious political design or Socialist command. The analysis reframes classical liberal thought as the most robust intellectual defense against the populist challenge, which often relies on simplistic, centralized, and emotional appeals that undermine the dispersed nature of a modern civil society. The volume proposes a strategy of "Statecraft" and policy focused on leveraging these non-rationalistic, situated spontaneous orders to rebuild trust and fortify the institutions necessary to counteract populist movements.

Keywords. Classical Liberalism; Populism; Spontaneous Order; Epistemic Independence / Distributed Knowledge; Social Norms / Statecraft.

JEL. E53; P16; D72; Z13; P51.

Front Matter

EconSciences Contact — 2025-10-26

Front Matter