Development economics is a branch of economics Economics is the social science that is concerned with the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek οἰκονομία from οἶκος (oikos, "house") + νόμος (nomos, "custom" or "law"), hence "rules of the house(hold)". Current which deals with economic aspects of the development process in low-income countries Developing country is a term generally used to describe a nation with a low level of material well being. There is no single internationally-recognized definition of developed country, and the levels of development may vary widely within so-called developing countries, with some developing countries having high average standards of living. Its focus is not only on methods of promoting economic growth Economic growth is a term used to indicate the increase of per capita gross domestic product or other measure of aggregate income. It is often measured as the rate of change in GDP. Economic growth refers only to the quantity of goods and services produced and structural change Structural change of an economy refers to a longterm widespread change of the fundamental structure, rather than microscale or short-term output and employment. For example, a subsistence economy is transformed into a manufacturing economy, or a regulated mixed economy is liberalized. A current structural change in the world economy is but also on improving the potential for the mass of the population, for example, through health and education and workplace conditions, whether through public or private channels.[1] Development economics involves the creation of theories and methods that aid in the determination of policies and practices and can be implemented at either the domestic or international level.[2] This may involve restructuring market incentives or using mathematical methods like inter-temporal optimization In mathematics and computer science, optimization, or mathematical programming, refers to choosing the best element from some set of available alternatives for project analysis, or it may involve a mixture of quantitative and qualitative methods.[3] Unlike in many other fields of economics, approaches in development economics may incorporate social and political factors to devise particular plans.[4] Also unlike many other fields of economics, there is "no consensus" on what students should know.[5] Different approaches may consider the factors that contribute to economic convergence The idea of convergence in economics is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies. As a result, all economies should eventually converge in terms of per capita income. Developing countries have the potential to grow at a faster rate than developed countries because diminishing or non-convergence across households, regions, and countries.[6]

Contents

Theories of development economics

Mercantilism

Main article: Mercantilism Mercantilism is an economic theory, thought to be a form of economic nationalism, that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets are represented by bullion (gold, silver, and trade value) held by the state, which is

The earliest modern Western theory of development economics was mercantilism Mercantilism is an economic theory, thought to be a form of economic nationalism, that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets are represented by bullion (gold, silver, and trade value) held by the state, which is, which developed in the 17th century, paralleling the rise of the nation state The nation-state is a state that self-identifies as deriving its political legitimacy from serving as a sovereign entity for a country as a sovereign territorial unit. The state is a political and geopolitical entity; the nation is a cultural and/or ethnic entity. The term "nation-state" implies that the two geographically coincide, and. Earlier theories had given little attention to development. For example, Scholasticism Scholasticism is derived from the Latin word scholasticus , which means "that [which] belongs to the school," and was a method of learning taught by the academics (scholastics, school people, or schoolmen) of medieval universities circa 1100–1500. Scholasticism refers to the attempt made by medieval Christians to reconcile ancient the dominant school of thought during medieval feudalism, emphasized reconciliation with Christian theology and ethics, rather than development. The 16th and 17th century School of Salamanca The School of Salamanca is the renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical work of Francisco de Vitoria. From the beginning of the 16th century the traditional Catholic conception of man and of his relation to God and to the world had been assaulted by the rise of humanism,, credited as the earliest modern school of economics, likewise did not address development specifically.

Major European nations in the 17th and 18th century all adopted mercantilist ideals to varying degrees, the influence only ebbing with the 18th century development of physiocrats Physiocracy is an economic theory developed by the Physiocrats, a group of economists who believed that the wealth of nations was derived solely from the value of land agriculture or land development. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy is perhaps the first well- in France and classical economics Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill in Britain. Mercantilism held that a nation's prosperity depended on its supply of capital, represented by bullion (gold, silver, and trade value) held by the state. It emphasised the maintenance of a high positive trade balance (maximising exports and minimising imports) as a means of accumulating this bullion. To achieve a positive trade balance, protectionist measures such as tariffs and subsidies to home industies were advocated. Mercantilist development theory also advocated colonialism Colonialism is the building and maintaining of colonies in one territory by people from another territory. Colonialism is a process whereby sovereignty over the colony is claimed by the metropole and social structure, government and economics within the territory of the colony are changed by the colonists. Colonialism is a certain set of unequal.

Theorists most associated with mercantilism include Philipp Wilhelm von Hornick Philipp von Hörnigk was born in Frankfurt am Main on 23 January 1640 and died on 23 October 1714 in Passau. He was an Austrian civil servant and a supporter of the economic theory of mercantilism, who in his Austria Over All, If She Only Will of 1684 gave the only comprehensive statement of mercantilist theory, emphasizing production and an export-led economy.[7] In France, mercantilist policy is most associated with 17th century finance minister Jean-Baptiste Colbert Jean-Baptiste Colbert served as the French minister of finance from 1665 to 1683 under the rule of King Louis XIV. His relentless hard work and thrift made him an esteemed minister. He achieved a reputation for his work of improving the state of French manufacturing and bringing the economy back from the brink of bankruptcy. Historians note that,, whose policies proved influential in later American development.

Mercantilist ideas continue in the theories of economic nationalism Economic nationalism is a term used to describe policies which emphasize on domestic control of the economy, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It is in opposition to globalization in many cases, or at least it questions the benefits of and neomercantilism Neomercantilism is a term used to describe a policy regime which encourages exports, discourages imports, controls capital movement and centralizes currency decisions in the hands of a central government. The objective of neo-mercantilist policies is to increase the level of foreign reserves held by the government, allowing more effective monetary.

Economic nationalism

Alexander Hamilton Alexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher. Aide-de-camp to General George Washington during the American Revolutionary War, he was a leader of nationalist forces calling for a new Constitution; he was one of America's first Constitutional lawyers, and wrote, credited as Father of the National System. Main article: Economic nationalism Economic nationalism is a term used to describe policies which emphasize on domestic control of the economy, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It is in opposition to globalization in many cases, or at least it questions the benefits of

Following mercantilism was the related theory of economic nationalism Economic nationalism is a term used to describe policies which emphasize on domestic control of the economy, labor and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital. It is in opposition to globalization in many cases, or at least it questions the benefits of, promulgated in the 19th century related to the development and industrialization of the United States and Germany, notably in the policies of the American System The American School, also known as "National System", represents three different yet related constructs in politics, policy and philosophy. It was the American policy for many decades, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with in America and the Zollverein The Zollverein, or German Customs Union, was a coalition of German states formed to manage customs and economic policies within their territories. Established in 1818, the original union cemented economic ties between the various Prussian and Hohenzollern territories, and ensured economic contact between the non-contiguous holdings of the (customs union) in Germany. A significant difference from mercantilism was the deemphasis on colonies, in favor of a focus on domestic production.

The names most associated with 19th century economic nationalism are the American Alexander Hamilton Alexander Hamilton was the first United States Secretary of the Treasury, a Founding Father, economist, and political philosopher. Aide-de-camp to General George Washington during the American Revolutionary War, he was a leader of nationalist forces calling for a new Constitution; he was one of America's first Constitutional lawyers, and wrote, the German-American Friedrich List Georg Friedrich List was a leading 19th century German and American economist who developed the "National System" or what some would call today the National System of Innovation. He was a forefather of the German historical school of economics, and considered the original European unity theorist whose ideas were the basis for the, and the American Henry Clay Henry Clay, Sr. , was a nineteenth-century American statesman and orator who represented Kentucky in both the Senate and the House of Representatives, where he served as Speaker. He also served as Secretary of State from 1825 to 1829. Hamilton's 1791 Report on Manufactures, his magnum opus, is the founding text of the American System, and drew from the mercantilist economies of Britain under Elizabeth I and France under Colbert. List's 1841 Das Nationale System der Politischen Ökonomie (translated into English as The National System of Political Economy), which emphasized stages of growth, proved influential in the US and Germany, and nationalist policies were pursued by politician Henry Clay Henry Clay, Sr. , was a nineteenth-century American statesman and orator who represented Kentucky in both the Senate and the House of Representatives, where he served as Speaker. He also served as Secretary of State from 1825 to 1829, and later by Abraham Lincoln Abraham Lincoln served as the 16th President of the United States from March 1861 until his assassination in April 1865. He successfully led his country through its greatest internal crisis, the American Civil War, preserving the Union and ending slavery. Before his election in 1860 as the first Republican president, Lincoln had been a country, under the influence of economist Henry Charles Carey Henry Charles Carey , a leading 19th century economist of the American School of capitalism. He is now best known for the book The Harmony of Interests, to compare and contrast what he called the "British System" of laissez faire free trade capitalism with the "American System" of developmental capitalism, through tariff.

Forms of economic nationalism and neomercantilism have also been key in Japan's development in the 19th and 20th centuries, and the more recent development of the Four Asian Tigers These regions were the first newly industrialized countries, noted for maintaining exceptionally high growth rates and rapid industrialization between the early 1960s and 1990s. In the 21st century, all four regions have since graduated into advanced economies and high-income economies. These regions are still the world's fastest growing (Hong Kong, South Korea, Taiwan, and Singapore), and, most significantly, China.

Post-WWII theories

The origins of modern development economics are often traced to the need for, and likely problems with the industrialization of eastern Europe in the aftermath of World War II.[8] The key authors are Paul Rosenstein-Rodan Paul Narcyz Rosenstein-Rodan was an Austrian economist born in Kraków, who was trained in the Austrian tradition under Hans Mayer in Vienna. His early contributions to economics were in pure economic theory — on marginal utility, complementarity, hierarchical structures of wants and the pervasive Austrian School issue of time[9], Kurt Mandelbaum Kurt Mandelbaum was one of a group of emigre economists from Central Europe who played a large role in founding the discipline of development economics in the UK, during and shortly after World War II. In general these economists doubted the usefulness of neoclassical economics with its presumptions of smoothly operating markets and saw the role[10], Ragnar Nurkse Ragnar Nurkse was an Estonian-descended international economist and policy maker mainly in the fields of international finance and economic development[11], and Sir Hans Wolfgang Singer Sir Hans Wolfgang Singer was a development economist best known for the Singer-Prebisch thesis, which states that the terms of trade move against producers of primary products. He is one of the primary figures of heterodox economics. Only after the war did economists turn their concerns towards Asia, Africa and Latin America. At the heart of these studies, by authors such as Simon Kuznets Simon Smith Kuznets was a Russian American economist at the Wharton School of the University of Pennsylvania who won the 1971 Nobel Memorial Prize in Economic Sciences "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development" and W. Arthur Lewis Sir William Arthur Lewis was a Saint Lucian economist well known for his contributions in the field of economic development. In 1979 he won the Nobel Prize in Economics, becoming the first black person to win a Nobel Prize in a category other than peace[12] was an analysis of not only economic growth but also structural transformation.[13]

Linear-stages-of-growth model

An early theory of development economics, the linear-stages-of-growth model was first formulated in the 1950s by W. W. Rostow Walt Whitman Rostow (October 7, 1916 – February 13, 2003) was an American economist and political theorist who served as Special Assistant for National Security Affairs to U.S. President Lyndon B. Johnson in The Stages of Growth: A Non-Communist Manifesto, following work of Marx and List. This theory modifies Marx's stages theory of development and focuses on the accelerated accumulation of capital, through the utilization of both domestic and international savings as a means of spurring investment, as the primary means of promoting economic growth and, thus, development.[4] The linear-stages-of-growth model posits that there are a series of five consecutive stages of development which all countries must go through during the process of development. These stages are “the traditional society, the pre-conditions for take-off, the take-off, the drive to maturity, and the age of high mass-consumption”[14] Simple versions of the Harrod–Domar model provide a mathematical illustration of the argument that improved capital investment leads to greater economic growth.[4]

Such theories have been criticized for not recognizing that, while necessary, capital accumulation Most generally, the accumulation of capital refers simply to the gathering or amassment of objects of value; the increase in wealth; or the creation of wealth. Capital can be generally defined as assets invested with the expectation that their value will increase, usually because there is the expectation of profit, rent, interest, royalties, is not a sufficient condition for development. That is to say that this early and simplistic theory failed to account for political, social and institutional obstacles to development. Furthermore, this theory was developed in the early years of the Cold War The Cold War was the continuing state of political conflict, military tension, proxy wars, and economic competition existing after World War II (1939–1945), primarily between the Soviet Union and its satellite states, and the powers of the Western world, particularly the United States. Although the primary participants' military forces never and was largely derived from the successes of the Marshall Plan The Marshall Plan was a primary program, 1947–51, of the United States for rebuilding and creating a stronger economic foundation for the countries of Western Europe. The initiative was named for Secretary of State George Marshall and was largely the creation of State Department officials, especially William L. Clayton and George F. Kennan. This has led to the major criticism that the theory assumes that the conditions found in developing countries are the same as those found in post-WWII Europe.[4]

Structural-change theory

Structural-change theory deals with policies focused on changing the economic structures of developing countries from being composed primarily of subsistence agricultural practices to being a “more modern, more urbanized, and more industrially diverse manufacturing and service economy.” There are two major forms of structural-change theory; W. Lewis’ two-sector surplus model, which views agrarian societies as consisting of large amounts of surplus labor which can be utilized to spur the development of an urbanized industrial sector, and Hollis Chenery’s patterns of development approach, which is the empirical analysis of the “sequential process through which the economic, industrial and institutional structure of an underdeveloped economy is transformed over time to permit new industries to replace traditional agriculture as the engine of economic growth.” [4]

Structural-change approaches to development economics have faced criticism for their emphasis on urban development at the expense of rural development which can lead to a substantial rise in inequality between internal regions of a country. The two-sector surplus model, which was developed in the 1950s, has been further criticized for its underlying assumption that predominantly agrarian societies suffer from a surplus of labor. Actual empirical studies have shown that such labor surpluses are only seasonal and drawing such labor to urban areas can result in a collapse of the agricultural sector. The patterns of development approach has been criticized for lacking a theoretical framework.[4][citation needed]

International dependence theory

International dependence theories Dependency theory or dependencia theory is essentially a body of social science theories predicated on the notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. It is a central contention of dependency theory that poor gained prominence in the 1970s as a reaction to the failure of earlier theories to lead to widespread successes in international development International development or global development is a concept that lacks a universally accepted definition, but it is most used in a holistic and multi-disciplinary context of human development – the development of greater quality of life for humans, . It therefore encompasses foreign aid, governance, healthcare, education, gender equality,. Unlike earlier theories, international dependence theories have their origins in developing countries and view obstacles to development as being primarily external in nature, rather than internal. These theories view developing countries as being economically and politically dependent on more powerful, developed countries which have an interest in maintaining their dominant position. There are three different, major formulations of international dependence theory; neocolonial dependence theory, the false-paradigm model and the dualistic-dependence model. The first formulation of international dependence theory, neocolonial dependence theory has its origins in Marxism Marxism is a particular political philosophy, economic and sociological worldview based upon a materialist interpretation of history, a Marxist analysis of capitalism, a theory of social change, and a view of human liberation derived from the work of Karl Marx and Friedrich Engels. The three primary aspects of Marxism are: and views the failure of many developing nations to undergo successful development as being the result of the historical development of the international capitalist system.[4]

Neoclassical theory

First gaining prominence with the rise of several conservative governments in the developed world during the 1980s, neoclassical theories represent a radical shift away from International Dependence Theories. Neoclassical theories argue that governments should not intervene in the economy; in other words, these theories are claiming that an unobstructed free market is the best means of inducing rapid and successful development. Competitive free markets A free market is a market without economic intervention and regulation by government except to regulate against force or fraud. This is the contemporary use of the terminology used by economists and in popular culture; the term has had other uses historically. A free market economy is an economy where all markets within it are free. This requires unrestrained by excessive government regulation are seen as being able to naturally ensure that the allocation of resources occurs with the greatest efficiency possible and the economic growth is raised and stabilized.[4][citation needed]

It is important to note that there are several different approaches within the realm of neoclassical theory, each with subtle, but important, differences in their views regarding the extent to which the market should be left unregulated. These different takes on neoclassical theory are the free market approach, public-choice theory, and the market-friendly approach. Of the three, both the free-market approach and public-choice theory contend that the market should be totally free, meaning that any intervention by the government is necessarily bad. Public-choice theory is arguably the more radical of the two with its view, closely associated with libertarianism Libertarianism is advocacy for individual liberty. Though libertarians all support what they consider to be liberty, there is disagreement among libertarians on other more specific political and economic considerations. There are many kinds of libertarianism, some of which directly oppose others, such as those that support laissez-faire capitalism, that governments themselves are rarely good and therefore should be as minimal as possible.[4]

Academic economists have given varied policy advice to governments of developing countries. See for example, Economy of Chile Chile has a dynamic market-oriented economy characterized by a high level of foreign trade. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio Aylwin - which took over from the military in 1990 - deepened the economic reform initiated by the military government (Arnold Harberger Arnold C. Harberger is a United States economist. Harberger's Triangle, widely used in welfare economics, is named after him), Economic history of Taiwan The recordkeeping and development of the economic history of Taiwan started in the Age of Discovery. In the 17th century, the Europeans realized that Taiwan is located on the strategic cusp between the Far East and Southeast Asia. Two main European empires that competed to colonize it were the Dutch and Spanish Empires. Taiwan also became an (Sho-Chieh Tsiang Sho-Chieh Tsiang studied at London School of Economics (B. Sc. Economics 1941, Ph.D. Economics 1945) and received the Hutchinson Silver Medal 1944-45. He served as Professor of Economics at National Peking University, 1946-48, staff economist at the International Monetary Fund, member of Academia Sinica, and Professor of Economics at University of). Anne Krueger Anne Osborn Krueger is an economist and was the former World Bank Chief Economist from 1982 to 1986 noted in 1996 that success and failure of policy recommendations worldwide had not consistently been incorporated into prevailing academic writings on trade and development. [4]

The market-friendly approach, unlike the other two, is a more recent development and is often associated with the World Bank. This approach still advocates free markets but recognizes that there are many imperfections in the markets of many developing nations and thus argues that some government intervention is an effective means of fixing such imperfections [4]

Topics of research

Development economics also includes topics such as Third World debt, and the functions of such organisations as the International Monetary Fund and World Bank. In fact, the majority of development economists are employed by, do consulting with, or receive funding from institutions like the IMF and the World Bank.[15] Many such economists are interested in ways of promoting stable and sustainable growth in poor countries and areas, by promoting domestic self reliance and education in some of the lowest income countries in the world. Where economic issues merge with social and political ones, it is referred to as development studies.

Growth indicator controversy

Per capita Gross Domestic Product (GDP per head) is used by many developmental economists as an approximation of general national well-being. However, these measures are criticized as not measuring economic growth well enough, especially in countries where there is much economic activity that is not part of measured financial transactions (such as housekeeping and self-homebuilding), or where funding is not available for accurate measurements to be made publicly available for other economists to use in their studies (including private and institutional fraud, in some countries). Even though per-capita GDP as measured can make economic well-being appear smaller than it really is in some developing countries, the discrepancy could be still bigger in a developed country where people may perform outside of financial transactions an even higher-value service than housekeeping or homebuilding as gifts or in their own households, such as counseling, lifestyle coaching, a more valuable home décor service, and time management. Even free choice can be considered to add value to lifestyles without necessarily increasing the financial transaction amounts. More recent theories of Human Development have begun to see beyond purely financial measures of development, for example with measures such as medical care available, education, equality, and political freedom. One measure used is the Genuine Progress Indicator, which relates strongly to theories of distributive justice. Actual knowledge about what creates growth is largely unproven; however recent advances in econometrics and more accurate measurements in many countries is creating new knowledge by compensating for the effects of variables to determine probable causes out of merely correlational statistics.

Recent developments

(Warning: this section appears to be based on only one particular point of view.)

The most prominent contemporary development economist is perhaps the Nobel laureate Amartya Sen. Recent theories revolve around questions about what variables or inputs correlate or affect economic growth the most: elementary, secondary, or higher education, government policy stability, tariffs and subsidies, fair court systems, available infrastructure, availability of medical care, prenatal care and clean water, ease of entry and exit into trade, and equality of income distribution (for example, as indicated by the Gini coefficient), and how to advise governments about macroeconomic policies, which include all policies that affect the economy. Education enables countries to adapt the latest technology and creates an environment for new innovations. The cause of limited growth and divergence in economic growth lies in the high rate of acceleration of technological change by a small number of developed countries. These countries’ acceleration of technology was due to increased incentive structures for mass education which in turn created a framework for the population to create and adapt new innovations and methods. Furthermore, the content of their education was composed of secular schooling that resulted in higher productivity levels and modern economic growth.

Prominent development economists

Notes

  1. ^ Bell, Clive (1987). "development economics," The New Palgrave: A Dictionary of Economics, v. 1, pp. 818, 825.
  2. ^ Arndt, H.W. Economic Development: A Semantic History. “Economic Development and Cultural Change.” Vol. 29, No. 3. (Apr., 1981), pp. 457-466. Chicago: The Chicago University Press.
  3. ^ Bell, Clive (1987). "development economics," The New Palgrave: A Dictionary of Economics, v. 1, p. 825.
  4. ^ a b c d e f g h i j k Todaro, Michael and Stephen Smith. Economic Development. 9th ed. Addison-Wesley series in economics, 2006
  5. ^ Meier, Gerald M. and James E. Erauch. Leading Issues in Economic Development. 8th ed. Oxford University Press, 2005
  6. ^ Ray, Debraj (2008). "development economics." The New Palgrave Dictionary of Economics, 2nd Edition. Abstract.
  7. ^ Ekelund, Robert B., Jr. and Hébert, Robert F. (1997). A History of Economic Theory and Method (4th ed.). Waveland Press [Long Grove, Illinois]. p. 40–41. ISBN 1-57766-381-0.
  8. ^ Meier, G.M. and Seers, D. (Eds) (1984). Pioneers in Development. New York: Oxford University Press for the World Bank.
  9. ^ Rosenstein-Rodan, P. "Problems of Industrialization in Eastern and South Eastern Europe." Economic Journal 53 (1943).
  10. ^ Mandelbaum (Martin), K. (1945). The Industrialisation of Backward Areas. Oxford: Basil Blackwell. Second Edition, (1955).
  11. ^ Nurkse, Ragnar (1953) Problems of Capital Formation in Underdeveloped Countries, Oxford: Basil Blackwell
  12. ^ Lewis, W.A. (1954). Economic Development with Unlimited Supplies of Labour. The Manchester School, XXII(2)
  13. ^ Bardhan, Pranab K. and Christopher Udry (2000) Development Microeconomics, Oxford
  14. ^ Rostow, W.W. The Five Stages of Growth. Development and Underdevelopment: The Political Economy of Global Inequality. 3rd ed. pp. 123-131. Eds. Seligson, Mitchell and John Passe-Smith. Boulder, CO: Lynne Rienner Publishers, 2003.
  15. ^ Klein, Daniel B and DiCola, Therese. "Institutional Ties of Journal of Development Economics Authors and Editors". (August 2004) [1]

See also

Sustainable development portal

References

Hollis B. Chenery and T. N. Srinivasan, eds. (1988, 1989). Vol. 1 and 2
Jere Behrman and T.N. Srinivasan, eds. (1995). Vol 3A and 3B
T. Paul Schultz and John Straus, eds. (2008). Vol 4
Dani Rodrik and Mark R. Rosenzweig, eds. (2009). Vol 5

External links

Categories: Development economics | Economic development

 

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