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This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of development to the colonial period. The authors explore in detail colonial development, changing national income patterns, relative price shifts, sources of aggregate growth, and sources of sectoral structural change, comparing them with other countries.
The purpose of this study is to analyse the relationship between social structure and economic performance in India and Pakistan. It seeks to establish whether the social system had a significant dysfunctional role in hindering growth in the past, and whether the situation has changed since independence. It analyses the extent to which governments in office really tried to change the social structure and the degree to which their rhetorical commitments were constrained by the inertia of tradition and by the vested interests which inherited economic and social power.
This book is a theoretical investigation of the influence of human learning on the development through time of a 'pure labour' economy. The theory proposed is a simple one, but aims to grasp the essential features of all industrial economies. Economists have long known that two basic phenomena lie at the root of long-term economic movements in industrial societies: capital accumulation and technical progress. Attention has been concentrated on the former. In this book, by contrast, technical progress is assigned the central role. Within a multi-sector framework, the author examines the structural dynamics of prices, production and employment (implied by differentiated rates of productivity growth and expansion of demand) against a background of 'natural' relations. He also considers a number of institutional problems. Institutional and social learning, know-how, and the diffusion of knowledge emerge as the decisive factors accounting for the success and failure of industrial societies.
This concise yet insightful sequel to the highly acclaimed The Nature of Economic Growth provides a comprehensive critique of both old and new growth theory, highlighting the importance of economic growth for reducing poverty. A.P. Thirlwall illustrates that orthodox growth theory continues to work with Ôone-goodÕ models and to treat factor supplies as exogenously given, independent of demand. Orthodox trade theory still ignores the balance of payments consequences of different patterns of trade specialisation when assessing the welfare effects of trade. The author goes on to present theory underpinned by up-to-date empirical evidence that factors of production and productivity growth are endogenous to demand, and that the structure of production and trade matter for the long-run growth performance of countries because of their impact on the balance of payments. He concludes that trade liberalisation has proved disappointing in improving the trade-off between growth and the balance of payments. This book will provide a challenging read for students and academics in the fields of economics, heterodox economics, and development. Policymakers focussing on the relationship between growth, trade and the balance of payments will also find the book to be of great interest.
This book explores new approaches to the measurement and interpretation of the linkages between economic activity flows and income flows in urban and regional economies and new ways to explore the importance of regional economic structure in development. The book combines theoretical contributions, chapters that focus on the construction and interpretation of new social accounting systems and a variety of empirical applications. These applications encompass community-level income distribution impacts, assessments of income distribution problems in Brazil, interregional impacts of unexpected events in Japan, welfare reform in the US and structural change in Chinese metropolitan economies. One of the special features of the book is the use and application of a wide variety of models - demo-economic, social accounting, interregional computable general equilibrium - employed at a variety of spatial scales.
Innovation, changes in market structure, and changes in income distribution are the forces that drive the general process of economic growth or decline. This is the concept that unifies these essays written between 1954 and 1983 by the noted economist Paolo Sylos-Labini. In each essay as he illuminates some aspect of this concept, Sylos-Labini displays a historical sensibility to theory that distinguishes him from most modern economists. Essays in the first section lay the groundwork for the book by going back to the classical economists, directly and indirectly through Schumpeter. Throughout the rest of the book, Sylos-Labini's explication and appraisal of the theories of Smith, Ricardo, Manx, and Schumpeter concerning innovation, market structure, and income distribution inform his own search for a theoretical model to analyze the process of economic growth and decline in the current stage of modern capitalism's evolution. In the book's second section, essays address innovation and changes in productivity. In the third section, they focus on changes in market structure, exploring the relationship among oligopoly, pricing, inflation, and economic growth. A final section of the book is concerned primarily with the relationship between economic growth and income distribution.
This volume of papers from the Eighth World Congress deals with changes in proportions and growth rates of sectors of the economy in relation to economic development. It includes a survey of theories of sectoral balance and studies of structural transformation in the Kuznets traditon.