Frontiers of development economics: the future in by Gerald M. Meier, Joseph E. Stiglitz

By Gerald M. Meier, Joseph E. Stiglitz

Co-edited via the vice chairman of the realm financial institution, this quantity bargains leading edge paintings from a brand new new release of dynamic thinkers in improvement economics.

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Extra resources for Frontiers of development economics: the future in perspective

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As analystsof developmentpolicymaking,the coming generation may then move from the lower-right-handquadrant of Figure 1 to the upper-right-handquadrant (dashed arrow). In so doing, the developmenttextbook of the future will refine the standard neoclassical text. A distinct subdisciplineof "developmenteconomics" will not be simplyequivalentto the application of universaleconomicprinciples. " Kreps (1997: 65-66) also characterized economics since World War II as having "a single methodological tongue" of mathematical modeling and a "sparse set of canonical hypotheses" that became the maintained hypotheses in 2 9 But as long as the developingcounalmost all branches of the subject.

The analysis of development policy will have to identify the functional relationships between economic and noneconomic factors, and their quantitative significance, in order to determine how to operate on incentives, attitudes, organizational structure, social relations, or any of the many other factors that connect noneconomic and economic change. Clearly, the future success of economic policies in achieving structural transformation will depend on a better understanding of how to achieve social and political transformations.

To proceed from capital accumulation to technological progress, as in the new growth theories, is only part of the story. In the first place, as Abramovitz observes, "there is still far too much that is poorly understood about the influence of relative factor costs, about the evolution of science and technology, and about the political and economic institutions and modes of organization on which the discovery or acquisition of new knowledge depends. We cannot reduce the actual advance of technology, its direction as well as its pace, to a stable function of the supply of savings and costs of finance alone" (Abramovitz 1993: 237).

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