Download A History of Development Economics Thought: Challenges and by Shahrukh Rafi Khan PDF
By Shahrukh Rafi Khan
This ebook explores the heritage of monetary improvement proposal, with an emphasis on substitute ways in macro improvement economics.
Given that the pioneers of improvement economics within the Forties and Fifties drew proposal from classical political economists, this e-book opens with a overview of key classical students who wrote concerning the growth of the wealth of countries. In reviewing the considering the pioneers and those who undefined, either their theories of improvement and underdevelopment are mentioned. total, the e-book charts the evolution of improvement monetary idea from the early developmentalists and structuralists, via to the neo-Marxist strategy and radical improvement idea, the neo-liberal counter revolution, and the talk among new developmentalists and neo-liberal students. It ends with an evaluation of the country of the sector at the present time.
This ebook could be of curiosity to all students and scholars drawn to the evolution of improvement economics.
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Extra resources for A History of Development Economics Thought: Challenges and Counter-challenges
The classical and radical roots 13 The radical stream in the political economy of development can be traced back to Hodgskin (1966). He attributed the progress of nations to the accumulation of knowledge and skills. He argued that machines simply embodied the knowledge and skill of labor, and that attributing productivity growth to dead machines was misguided. Population growth stimulated the growth in knowledge by enhancing social needs, and knowledge rose to the occasion to meet these needs. Progress would be most effective when labor was able to retain the fruits of its effort rather than having to share it with idlers.
5 However, these economists were trained in mainstream economics and were wedded to the market approach. They prescribed a role for intervention within the market framework but not as a substitute for the market. Once it had achieved sustained growth, the government could assume the minimalist role prescribed by Adam Smith: enforcing law and order, contracts, basic regulations, and stabilization. 6 They viewed industry (particularly manufacturing) to be the dynamic sector of the economy and therefore the lead sector.
Nor did their support of ISI preclude exports or openness; for example, Hirschman viewed exporting and ISI as complementary activities and Lewis also viewed the latter to follow logically from the former. One apparent oversight in developmentalist thinking was not anticipating that industrialization would be unable to absorb the labor surplus in many LICs, although there were exceptions as indicated above. Lewis attributed this to the partial demographic transition and pointed out in retrospect that population growth combined with a rate of rural-urban migration that exceeded the rate of urban job creation exacerbated unemployment.