Economic Development and Social Change (Routledge Studies in the History of Economics)

Economic Development and Social Change (Routledge Studies in the History of Economics)

Language: English

Pages: 328

ISBN: 0415647339

Format: PDF / Kindle (mobi) / ePub


Some of the greatest thinkers in the history of economic thought have been instrumental in advancing the study of development economics. In this volume, leading scholars are brought together to illuminate this tradition, with particular emphasis on the question of growth and development.

Divided into two parts, this collection offers a blend of papers of history of economic thought and development economics, and suggests that classical political economy - that strand of thought which goes from Physiocracy to Smith and to Ricardo and Marx - has a precise vision and indeed a precise model of long term development. This book:

  • examines the influence that has been exerted by both pre-classical and classical thought on modern day development economics
  • provides a synthetic analysis of the classical vision of growth and development from the mercantilist era to physiocracy
  • examines Adam Smith’s contribution to growth theory
  • explores Marxian thinking and ideas, and the political developments that gave rise to state functions in post-war theory.

Including contributions by well known authors such as Eltis, Murphy and Kurz, this significant volume by one of the premier historians of economic thought will be a valuable resource for postgraduates and professionals in the fields of economic history and political economy.

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231–2, 242). Smith praises Physiocracy for advocating liberty as “the only effectual expedient” to increase annual produce (Smith 1776, IV.ix.38); foreign trade is carried on for the mutual advantage of all the exchanging countries. However, these benefits are fundamentally of a dynamic nature and concern the possibility of achieving increasing returns to scale. Of course there may be negative effects also for a rich country, in particular when there is no competition. Most of Book IV is a

economic incentives, financial deregulation, elimination of barriers to international trade and to competition, privatisation and liberalisation. As stated by John Williamson, considered the father of this conception of development, such principles are not necessarily erroneous – but they have to be applied flexibly, and rounded out by at least two more ingredients. First of all, there is a need “(to build) key institutions such as an independent Central Bank, a strong budgetary administration, an

The MIT Press. de Soto, H. (2000) The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else, New York: Basic Books. Dreze, J. and A. Sen (1989) Hunger and Public Action, Oxford: Clarendon Press. Editorial (2001) “Symposium on the Most Significant Contributions to Economics during the Twentieth Century: Some Nobel Laureates’ Views”, European Journal of the History of Economic Thought, 8 (3): 285. Eichengreen, B. and J. Braga de Macedo (2001) “The European Payments Union

Review of Economic Studies, 27, pp. 78–98. 124 H. D. Kurz and N. Salvadori Ricardo, D. [1817] (1951–72) The Works and Correspondence of David Ricardo, edited by Piero Sraffa with the collaboration of M. H. Dobb, Vols I, II, VI and VIII, Cambridge: Cambridge University Press. Samuelson, P. A. (1959) “A Modern Treatment of the Ricardian Economy: I. The Pricing of Goods and of Labor and Land Services; II. Capital and Interest Aspects of the Pricing Process”, Quarterly Journal of Economics, 73, pp.

the great diminution of the quantity will generally much more than compensate the greatest rise which can happen in the price. (1976, I.xi.o, 1; emphasis added) But if wages do not increase in step with productivity growth, as Smith obviously assumed, this would imply a long-run tendency of the wage share to decrease instead of remaining stable. Ricardo, in his Principles, not only declared the determination of the laws which regulate distribution as the principal problem in political economy,

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