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- A. P. Thirlwall, Growth and development
- Tony Thirlwall
- Books by A.P. Thirlwall
- Growth and Development
A. P. Thirlwall, Growth and development
It makes available low-priced, unabridged editions of British publishers' textbooks to students in developing countries. Below is a list of some other books on business studies published under the ELBS imprint. Thirlwall , , , , All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission.
No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. Preface to the Fifth Edition Since Growth and Development was first published in it has been widely used as a text for courses in economic growth and development in both developed and developing countries.
In , and new editions were published, and the book was taken into the Educational LowPriced Books Scheme formerly known as the English Language Book Society for subsidised distribution in several developing countries. In this fifth edition, further revisions have been made to add to, and update, statistics, to include new institutional material, and to improve on the exposition to aid students and teachers alike. The purpose of the book remains the same: to introduce students to the exciting and challenging subject of development economics, which draws on several branches of economics in order to elucidate and understand the development difficulties facing the economies of the world's poor countries.
This does not mean that the book provides a recipe or blue-print for development: far from it. There can be no general recipes of this nature, and even if there were there would have to be more than economic ingredients.
The book combines description and analysis, with an emphasis on the elaboration of simple and useful theoretical economic models for an understanding of the issues that comprise the subject-matter of development economics. I make no apology for the use of conventional economic theory. I concur with Theodore Schultz, the Nobel-Prize-winning economist, who has said of development economics: This branch of economics has suffered from several intellectual mistakes.
The major mistake has been the presumption that standard economic theory is inadequate for understanding Xttt. Models for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities. The reaction of some economists was to turn to cultural and social explanations for the alleged poor economic performance of low income countries. Quite understandably, cultural and behavioural scholars are uneasy about this use of their studies.
Fortunately the intellectual tide has begun to turn. Increasing numbers of economists have come to realise that standard economic theory is just as applicable to scarcity problems that confront low income countries as to the corresponding problems of high income countries. This is not to say, of course, that all standard theory is useful and relevant for an understanding of the development process.
The relevance of static equilibrium theory may be particularly questioned. Nor is it possible to ignore non-economic factors in the growth and development process. The fact is, however, that the desire for material improvement in developing countries is very strong, and economics does have something positive to offer by way of analysis unadulterated by political, sociological and other non-economic variables. In the final analysis growth and development must be considered an economic process in the important practical sense that it is unlikely to proceed very far in the absence of an increase in the quantity and quality of the resources available for production.
The book lays particular emphasis on the economic obstacles to development and the economic means by which developing countries may raise their rate of growth of output and living standards.
For those new to the book, or for those now using the fourth edition, I outline below the main contents of each chapter and the changes introduced into the fifth edition. Chapter 1 portrays various dimensions of the development gap between rich and poor countries, and includes sections on income distribution, unemployment, nutrition, health, education, and the basic needs approach to development pioneered by the World Bank.
There are new sections on the measurement of poverty; on the attempt by the United Nations Development Programme UNDP to construct a Human Welfare Index; and on research as to whether the developing countries are catching up with the developed countries in terms of productivity and levels of per capita income.
The mutual interdependence of the world economy is emphasised, and there is discussion of the call for a New International Economic Order. The latest statistics are given for all the main dimensions of the development gap. Chapter 2 is on the production-function approach to the measurement of the sources of growth. This chapter stays unchanged except for the reporting of new empirical studies, including one from the World Bank. However, it is important to continue to stress that the approach cannot tell us why factor supplies and productivity grow at different rates between countries.
The production-function approach is essentially a supplyorientated approach to growth which treats the supply of factors of production as exogenous to an economic system. In practice, growth is likely to be demand-constrained, particularly by the balance of payments in an open economy, and factor supplies are likely to be endogenous to an economic system.
Given the growth of output permitted by demand, however, it is interesting to apportion this growth between quantity and quality improvements in the various factors of production on the one hand and technical progress on the other. Chapter 3 deals with the role of agriculture and surplus labour in the development process. Particular attention is paid to the influential Lewis model of economic development with unlimited supplies of labour.
There is explicit treatment, fol-. New studies are reported on the supply response of agriculture. Chapter 4 is on the role of capital accumulation and technical progress in the development process, and remains unchanged.
Chapter 5 is on dualism and Myrdal's concept of the process of circular and cumulative causation. This chapter describes the various mechanisms by which economic divisions between regions and countries tend to be perpetuated and widened. The chapter includes the early centre-periphery models of Prebisch and Seers, and the views of Marxist writers, including Emmanuel's model of unequal exchange.
Chapter 6 is on population and development and attempts to evaluate the debate on whether population expansion is a growth-inducing or retarding force. Particular attention is devoted to the work of Enke and to the recent work of Simon. Chapter 7 is on the case for planning and raises some of the broader issues of development strategy, including early discussion of investment criteria.
Chapter 8 is devoted exclusively to social costbenefit analysis, and has been largely rewritten to make a clearer distinction between the financial, economic and social appraisal of projects.
The major emphasis is on comparing and contrasting the approaches of Little and Mirrlees using world prices on the one hand and the United Nations using domestic prices and shadow exchange rates on the other. More attention is given to the relation between the shadow exchange rate and the standard conversion factor used by Little and Mirrlees for the repricing of non-traded goods.
The chapter contains a lengthy discussion of the determination of the shadow wage rate, and how to take account of the distributional effects of project choice. Chapter 9 is a new chapter written by my colleague Dr John Peirson on how environmental. Preface to the Fifth Edition issues may be incorporated into social cost-benefit analysis, and on the new and important concept of sustainable development.
Chapter 10 is concerned with the choice of techniques and with the potential conflicts involved in moving towards the use of more labourintensive techniques: between employment and output on the one hand, and between employment and saving on the other. The role played by multinational corporations in dictating technological choice is also examined. Chapter 11 introduces the student to the technique of input-output analysis and its role in planning and forecasting.
It is shown how inputoutput analysis can be used for forecasting output, import requirements, labour and capital requirements. There is a new section on linkage analysis and on tests of the hypothesis that countries which encourage activities with the highest backward and forward linkages grow the fastest. Chapter 12 gives an elementary exposition of the technique of linear programming.
Chapter 13 turns to the finance of development from domestic sources and includes extensive discussion of the various means to raise the level of saving, including forced saving through inflation. There is consideration of the role of monetary and fiscal policy, including discussion of tax reform and a new section on the theory and practice of financial liberalisation.
Chapter 14 looks at the finance of development from external sources, and the debt-servicing problems created by foreign borrowing. The debt crisis that arose in the s, and which still lingers, is thoroughly surveyed, and there is a new section on solutions to the debt crisis and the progress that has been made so far on the basis of various initiatives.
The whole aid debate is reviewed, plus the advantages and disadvantages of private foreign investment. There is a new section on the activities of the World Bank, and on the theory and practice of Structural Adjustment Programmes.
Chapter 15 is devoted to the topic of trade and development. The gains from trade are thoroughly. The tendency for the terms of trade to deteriorate, and for balance-ofpayments difficulties to arise, is stressed. The case for protection, and the relative merits of import substitution and export promotion, are examined. New studies are reported on the relation between trade performance and economic performance. Chapter 16 is on the balance of payments and development and discusses the important concept of balance-of-payments constrained growth and the various policy responses to this constraint at the national and international level.
The latter involves a consideration of the extensive facilities afforded by the International Monetary Fund for balance-of-payments support. Some of the criticisms levelled at the IMF are also considered, including the relevance of devaluation. The chapter ends with a discussion of special drawing rights as a potential form of international assistance to developing countries.
By the time the sixth edition of this book becomes due in , the facts pertaining to developing countries will again be out of date, and no doubt there will have been new institutional changes and new innovations in thinking about development strategy. I am deeply grateful to Celine Noronha for preparing the manuscript for this new edition; to Elizabeth Schachter for checking the proofs; to Keith Povey, Stephen Rutt and Jane Powell for editorial assistance; and to Jackie Butterley for compiling the index.
Rostow's Stages of Growth. The political and public concern with the poorer nations of the world is of equally recent origin.
The majority of the national and international bodies to promote development that exist today, such as national development banks, the World Bank and its affiliates, and agencies of the United Nations, have all been established since the Second World War. Before the war, when most of today's poor countries were still colonies, there was very little preoccupation with the economic and social problems of the developing dependent economies that we are concerned with today.
Perhaps the facts were not so well known, or perhaps it was that the attention of most people was focused on the depression and underemployment in the. Current academic interest in development economics, and the study of development economics as a separate subject, are relatively recent phenomena.
For the student today it will be difficult to appreciate that as recently as thirty years ago a course in development economics was a rare feature of an undergraduate programme in economics, and that textbooks on economic development were few and far between.
Today no self-respecting department of economics is without a course in economic development; there are scores of texts; hundreds of case studies; and thousands of articles on the subject. And, as in medicine, the perceived 3. Whatever the reason for neglect, the situation today is very different. The development of the Third World the collective name for the developing countries , meaning above all the eradication of primary poverty, is now regarded as one of the greatest social and economic challenges facing mankind.
What accounts for this change in attitude and upsurge of interest in the economics of development and in the economies of poor countries?
A number of factors can be pinpointed, which interrelate with each other. First, in the wake of the great depression and in the aftermath of war there was a renewed academic interest among professional economists in the growth and development process and in the theory and practice of planning.
Second, the poor countries themselves have become increasingly aware of their own backwardness, which has led to a natural desire for more rapid economic progress. The absolute numbers of poor people are considerably greater now than in the past, which has struck a humanitarian chord.
Third, there has been a growing recognition by all concerned of the mutual interdependence of the world economy. The political and military ramifications and dangers of a world divided into rich and poor countries are far more serious now than they were in the past; at the same time the old Cold War led the major developed countries to show a growing economic and political interest in poor and ideologically uncommitted nations.
The recognition of interdependence has been heightened in recent years by fears of shortages of basic raw materials produced primarily in Third World countries, and by the rising price of oil. The progress and material well-being of men and nations have traditionally been at the centre of economic writing and enquiry.
National Library of Australia. Search the catalogue for collection items held by the National Library of Australia. Thirlwall, A. Growth and development, with special reference to developing economies. It is written in a simple but rigorous way that also makes it accessible to policy-makers and all those concerned with the process of economic development in the third world. In this extensively revised seventh edition, all statistics have been updated and new institutional material has been added. In addition, there are new sections on globalisation; the World Bank's approach to tackling poverty; trade liberalisation and growth; and exchange rate systems for developing countries.
Miguel A. The aim of this paper is to estimate the sensitivity of the natural rate of growth to the actual rate of growth for 15 OECD countries over the period —95, on the hypothesis that the natural rate of growth is not exogenously given. To do this, we estimate the natural rate of growth and, then, how it changes when the actual growth rate is different from the natural rate. As a side test of the endogeneity hypothesis, we also test for the direction of causality between national output and factor inputs for the same set of countries. Oxford University Press is a department of the University of Oxford.
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International Trade, the Balance of Payments and Development · Front Matter Pages PDF · Trade and Development A. P. Thirlwall Pages PDF.
Books by A.P. Thirlwall
The paper is the first inaugural contribution to the new series of "Recollections of Eminent Economists". Under this name, the previous series of the journal then called "Banca Nazionale del Lavoro Quarterly Review" used to publish autobiographic essays in which renowned economists described their scientific path and reflected on the recent developments of the discipline. In this work, A. Thirlwall recalls his personal and academic biography, ranging from employment in the UK to consultancy work in developing countries, and comments on the reception of his main works. Among the latter, special attention is paid to regional and development economics, as well as to the relation between the balance of payments and economic growth.
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Growth and Development
He has made major contributions to regional economics; the analysis of unemployment and inflation; balance of payments theory, and to growth and development economics with particular reference to developing countries. He is the author of the bestselling textbook Economics of Development: Theory and Evidence Palgrave Macmillan now in its ninth edition. He is also the biographer and literary executor of the famous Cambridge economist Nicholas Kaldor. Perhaps his most notable contribution has been to show that if long-run balance of payments equilibrium is a requirement for a country, its growth of national income can be approximated by the ratio of the growth of exports to the income elasticity of demand for imports Thirlwall's Law. Thirlwall started his teaching career as a teaching assistant at Clark University USA in and then as an economics tutor at Cambridge University
Thirlwall Average rating 3. Want to Read saving…. Want to Read Currently Reading Read. Error rating book. Refresh and try again. Thirlwall ,. Penelope Pacheco-Lopez.
It makes available low-priced, unabridged editions of British publishers' textbooks to students in developing countries. Below is a list of some other books on business studies published under the ELBS imprint. Thirlwall , , , ,
Но он получит то, что ему причитается. - Она встряхнула волосами и подмигнула. - Может быть, все-таки скажете что-нибудь .