The Science of Economic Development and Growth: The Theory of Factor Proportions

Front Cover
The 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.

 

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Contents

Taking Stock
3
Positivist Orthodoxy
7
The Modernization and RationalChoice Schools
10
Dependency Theory
16
Neoliberal Theory
20
New Growth Theory Endogenous Growth Theory
26
Science and Economic Development
35
Nature
39
Infant Industry
181
International Factor Mobility
185
Capital Inflow
186
Economic HemorrhageBusiness Cycles
201
Material Inflow
202
Foreign Investment and Trade Between Advanced Economies
203
Foreign Direct Investment and Export of Manufactured Goods by Developing Countries
204
Technology Transfer
206

Manpower and Labor in Primal Communities
41
Capital in Primal Societies
46
Materials in Primal Societies
50
Agricultural Economy?
52
Heat
53
Factor Substitution
54
Basic Personality
56
Theory of Factor Proportions
67
Substitution
69
Factor Supply
76
Potential Capacity
93
Productivity and Technology
98
Human Capital
104
What Is Technology?
105
Inequality and Competition
107
Neoclassical Growth and New Growth
108
Scientific Economic Development Growth Is Exogenous
111
Is the Technology There?
115
Economy of Scale
131
Optimization
139
Processing of Materials
143
Virtual Reality
149
International Trade Versus Economic Development and Growth
153
Economy of Scale and Trade
164
Prospects for the International EconomyofScale Paradigm
173
International Trade Based on World Regions
176
Market Fragmentation
178
Foreign Aid
209
Project Assessment and the Issue of Participation
223
Sustainability and Participation
224
The World Economy and Globalization
231
World Economy
251
ChinaWhose Globalization?
269
Interconnectedness
272
Financial Solutions in the Global Context
276
The Way Forward
281
The US Economy A Historical Perspective
283
Iron and Industrial Development in America
286
US Economic Emergence
290
Substitution for National Resources Materials
296
United States 18901940
308
World War II
326
Postwar Economy
335
Third Industrial Divide
337
Conventional Economics Difficulties in Analyzing the New Economy
342
Capital Deepening
345
Investment in the Services Sectors in the US Economy
349
Inflation and the New Economy
358
Conventional Economics and New Economic Cycles
360
Inflation and the New Economy
362
Conclusion
365
Notes
373
Index
399
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