Chiara Zanardello
(IRES/LIDAM, UCLouvain)
will give a presentation on
Early Modern Academies, Universities, and Economic Growth
Abstract: Using a novel micro-level database of Early Modern scholars and educational institutions, I study the influence of innovative knowledge on economic growth of Europe from 1500 to 1800. I exploit advanced DID estimators robust to heterogeneous treatment and staggered effects. Proxying economic development with city population, I do not find any detectable effect in the entire sample of experimental academies. However, when classifying institutions on the field of study of their members, I find that the creation of scientific academies increases population growth rates by 15% after 150 years in cities hosting them, while humanistic academies have no discernible positive effect on long-term growth. Moreover, I show that scientific academies rapidly enhance quality of universities in the same urban area. Overall, the paper provides the first evidence on the pivotal role of scientific academies in the economic growth of Europe, driving also the modernization of universities.