By G. Mavrotas, A. Shorrocks
This booklet displays on present considering in improvement economics and on what may perhaps take place over the following 20 years. in addition to learning improvement economics looking back, the quantity explores the present debates and demanding situations and appears ahead on the difficulties that have an effect on the worldwide potential to accomplish the Millennium improvement pursuits.
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Papers awarded at a seminar held in Kuala Lumpur, Malaysia, June 28-July 1, 1989
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Extra info for Advancing Development: Core Themes in Global Economics (Studies in Development Economics and Policy)
Largely as a consequence of these closely interrelated problems a more equal income distribution, particularly in terms of a reduction in absolute poverty, was given a much greater weight in the preference function of most developing countries compared to the objective of aggregate growth per se. Furthermore, this reduction in absolute poverty was to be achieved mainly through increased productive employment (or reduced underemployment) in the traditional sectors. By the mid-1970s, GNP as a dominant all-encompassing objective had been widely, but by no means universally, dethroned.
In a one-sector world GNP is maximized by pushing the investment-ratio (share of investment in GNP) as high as is consistent with balance-of-payments’ equilibrium. In the absence of either theoretical constructs or empirical information on the determinants of agricultural output, the tendency was to equate the modern sector with high productivity of investment and, thus, direct the bulk of investment to the modern sector and to the formation of social overhead capital – usually benefiting the former.
He also had spells as an international civil servant. In this and related capacities he was a serious contributor to the concept of the Third World and he helped create collective organizations to realize the poor countries’ demands for a more just international economic order, such as the Group of 77 at the United Nations and the Group of 24 at the IMF, where he served for many years as either Deputy Chairman or Chairman. Lal Jayawardena was typical of his generation of senior civil servants in many (alas, not all) developing countries: they normally came from the upper crust of their nations but were deeply committed to equity; they were thoroughly professional, proud of their countries but very conscious of the backwardness of their economies.
Advancing Development: Core Themes in Global Economics (Studies in Development Economics and Policy) by G. Mavrotas, A. Shorrocks