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Challenges of economic development
Barros,Alexandre Rands
Barros,Alexandre Rands
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barros.pdf
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Abstract
"In recent times, the world has experienced important changes, both ideologically and in relation to the economic environment. These changes have posed serious challenges to the analysis of economic development and to its policies proposals. Some previously well settled conceptions have completely fallen apart. Historical evidences and empirical investigations made conceptions previously considered opposite to one another go to the same side of debates. Many ideas were placed upside down. Four theoretical developments have been quite important in promoting such changes in conceptions and in the analysis of economic development. The first one is the New Growth Theory, which reached conclusions on economic development that were reasonably different from those obtained from traditional Neoclassical Growth Theory.1 The ideas proposed strengthened some conceptions forwarded by Latin American Structuralists and weakened some liberal dogmas. The second theoretical development is the idea of Rent Seeking. When the liberal conception that markets are able to promote efficiency falls down and it is shown that government interventions may produce positive results, the analysis of possible instruments brings the concern with Rent Seeking behaviour and the idea that agents tend to react rationally to policies searching to maximise their own utility. This last conception is the underlining hypothesis of the Lucas Critique and a direct consequence of the rational expectation hypothesis.2 The third theoretical development is the idea of the role of clustering on efficiency."(pg 1)
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2001-09-07
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With permission of the license/copyright holder