The Practical text offers a novel perspective on theories of economic development and growth. The author undertakes a critical study and appraisal of existing growth and development theories and policies. Using the theory of factor proportion, he explains how wealthy countries like the United States were able to develop. At the same time, he analyzes the economic problems of advanced economies inherent in their present development patterns. He also shows, with particular regard to poor countries, how capital accumulation, long thought to be a necessary precursor to growth and development, is not only unnecessary but can actually lead to " economic hemorrhage," as was the case during the Asian economic crisis.
The Science of Economic Development and Growth
Author:
Clement C. Onyemelukwe
Rs. 1675
Additional information
| ISBN | 9788184050554 |
|---|---|
| Year of Publication | 2009 |
| Binding | HardBound |
| Pages | |
| Edition | |
| Language | English |
List of Tables and Figures
Preface
1. Taking Stock
Positivist Orthodoxy
The Modernization and Rational-Choice Schools
Dependency Theory
Neoliberal Theory
New Growth Theory (Endogenous Growth Theory)
2. Science and Economic Development
Nature
Primal State
Manpower and Labor in Primal Communities
Capital in Primal Societies
Materials in Primal Societies
Agricultural Economy?
Heat
Factor Substitution
Basic Personality
3. Theory of Factor Proportions
Factors of Production
Substitution
Factor Supply
Potential Capacity
Productivity and Technology
Human Capital
What is Technology?
Inequality and Competition
Neoclassical Growth and New Growth
Scientific Economics Development/Growth Is Exogenous
4. Is the Technology There?
Economy of Scale
Optimization
Processing of Materials
Virtual Reality
5. International Trade Versus Economic Development and Growth
Trade: Comparative Advantage
Economy of Scale and Trade
Prospects for the International Economy-of-Scale Paradigm
International Trade Based on World Regions
Market Fragmentation
Infant Industry
6. International Factor Mobility
Capital Inflow
Economic hemorrhage-Business Cycles
Material Inflow
Foreign Investment and Trade Between Advanced Economics
Foreign Direct Investment and Export of Manufactured Goods by Developing Countries
Technology Transfer
Foreign Aid
Project Assessment and the Issue of Participation
Sustainability and Participation
7. The World Economy and Globalization
The Asian Financial Crisis
World Economy
China-----Whose Globalization?
Interconnectedness
Financial Solutions in the Global Context
The Way Forward
8. The U.S. Economy: A Historical Perspective
Iron and Industrial Development in America
U.S. Economic Emergence
Substitution for National Resource (Materials)
United States, 1890-1940
World War II
Postwar Economy
9. New Economy: Third Industrial Divide
Conventional Economic' Difficulties in Analyzing the New Economy
Capital Deepening
Investment in the Services Sectors in the U.S. Economy
Production Aid (Capital) in the U.S. New Economy
Inflation and the New Economy
Conventional Economics and New Economic Cycles
Inflation and the New Economy
New Growth Heights
10. Conclusion
Notes
Index