The Science of Economic Development and Growth: The Theory of Factor ProportionsThe Science of Economic Development and Growth outlines a new theoretical framework -- one employing scientific method and reasoning -- through which to study and plan for the economic development of poor countries. This new theory is presented in three parts: first, a full discussion of how countries like the U.S. were able to develop; second, the author proposes that there is a third dimension to understanding growth and development -- material -- which must be considered along with labor and capital; third, the book shows how capital accumulation -- long thought to be a necessary precursor to growth and economic expansion -- is not only unnecessary but can actually lead to "economic hemorrhage", as was the case during the Asian economic crisis. |
Contents
Taking Stock | 3 |
Science and Economic Development | 35 |
Theory of Factor Proportions | 67 |
Copyright | |
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Other editions - View all
The Science of Economic Development and Growth: The Theory of Factor ... C.C. Onyemelukwe Limited preview - 2016 |
The Science of Economic Development and Growth: The Theory of Factor ... C.C. Onyemelukwe Limited preview - 2016 |
Common terms and phrases
achieve activities advanced economy American analysis argued basic billion capi capital accumulation capital deepening capital-intensive capital/labor ratio cause century China Chinese claimed competition conventional economics conventional economists cost coun craft production crisis demand depends developing countries development and growth duction East Asian economic development economic growth economy of scale economy's effect endogenous growth theory equipment example export factor endowments factor proportions factors of production firms flexible foreign investment global human capital Ibid important income increase industry innovation iron labor labor-intensive land lean production macroeconomic manufacturing mass production ment NAIRU neoliberal nology nomic output percent plant poor countries potential output poverty primal societies problems production aids result scientific sector social South Korea strategy substitution tech techniques tion U.S. economy underdeveloped unemployment United workers World Bank