INTL DV 130 Lecture Notes - John Maynard Keynes, Coase Theorem, Social Cost
20 Aug 2013
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Document Summary
Adam smith and the wealth of nations 1776. Increased intellectual visibility and impact on policy choices made by developing countries during three decade period (post wwii: sub-saharan africa, south and southeast asia, latin america. Mid to late 1970s, economics as a profession began to question development economics for one reason: many of the policy choices influenced by development economics turned out to not be working. Led to negative rates of economic growth, industrial failures: questioning came from orthodox economics- rooted in ideas of adam smith and david ricardo. 1980s-1990s: development economics got put aside and fell into disrepute. (heterodox) now: question some of the outcomes of orthodox economic prescriptions. Doubts whether second wave has done much better for people of developing countries: ex. Difference between economic growth and economic development: mixed approach combining best of old and new. Timeline: development economics rejection of development economics renaissance of development economics (rediscover). One of the biggest questions of development economics is.
