This concise book, by one of the leading scholars in development
economics, has been developed from a series of lectures given to
masters students and will serve as an excellent introduction to the
principles of growth and development theory. The author presents
conventional wisdom with a critical eye and charts development
economics as it has evolved from Adam Smith to 'new' or endogenous
growth theory. Thirlwall is critical of the latter, and its
predecessor neo-classical growth theory, and tries to put back
demand as a driving force in growth theory. He argues that in an
open developing economy one of the major constraints is the
availability of foreign exchange to pay for imports, so that export
growth which relaxes a balance of payments constraint on demand
becomes a crucial determinant of overall growth performance. Demand
creating its own supply in a growth context, rather than the
pre-Keynesian view of supply creating its own demand, provides an
alternative framework to the neo-classical one for understanding
the differential growth performance of nations. This highly
original book will be essential reading for all students and
scholars of development and growth economics.
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