Understanding Economic Development: A Global Transition from by Colin White

By Colin White

This interesting publication considers the most vital difficulties in economics - the inception of contemporary financial improvement. It distils the conclusions of an enormous literature, drawing from economics, financial historical past and company and administration. It additionally explores the options of financial concept, displaying their boundaries and highlighting replacement ways.

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Even if the world is non-ergodic, a useful analysis of the process of modern economic development may demand an assumption that it is ergodic in order to promote our understanding of the process. It is necessary to explore further what an equilibrium steady-state rate of growth means. In the case of zero population growth, the rate reflects the rate of technical advance in the world at large, or more broadly, if we take into account organisational change, the rate of productivity increase. I. : 9).

It places that strategy in a context of the tendency to rent-seeking behaviour and of relevant political economy, both domestic and international. It focuses on the role of commitment to the promotion of modern economic development by key government decision makers. It explores the significance of the policies pursued to realise the aim of economic development, in particular the use of planning and the attempt to pick winners. It explores the advantages and disadvantages of openness. Part IV introduces three narratives which show how proximate and ultimate causes are combined in the writing of an analytical narrative.

3. The ‘who’ questions: Who initiated the process of modern economic development? Who are the agents of economic development – that is, the main drivers of economic development: individuals – the innovators or entrepreneurs, or organisations – enterprises, or even groups of companies and arms of governments? The ‘what’ questions: What is the normal state of affairs in human society – a stationary state or one of sustained and significant economic growth? What actions are at the core of modern economic development?

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