INTL DV 130 Lecture Notes - Price Elasticity Of Demand, Pessimism, Robert W. Clower
13 Sep 2013
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Market pessimism - rejection of smith: made development economics similar to keynesian economics, low-level trap is not self-correcting, regulating business cycle. Trade pessimism - rejection of david ricardo and comparative advantage. : orthodox economists accepted the benefits of trade at a basic level, developing countries dependent on export of cocoa, rubber, defining characteristic of a developing country was limited exports. Need to expand export sector: most developing countries have a kind of similar structural characteristic, chenery: no spillover benefits or growth without development. You can get increases in a sector without it having spillover benefits in terms of increased employment and wages in another sector: 3 key points made by chenery: Growth is only being experienced in a narrow field: robert clower - studied liberian economy and published. Growth without development. can improve capital into improving efficiency of rubber trees and still no spillover benefits to other sectors and people.
