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Economic Policy for Growth - Economic Development is Human Development (Paperback, Softcover reprint of the original 1st ed. 2000)
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Economic Policy for Growth - Economic Development is Human Development (Paperback, Softcover reprint of the original 1st ed. 2000)
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Economic Development is but one facet of Human Development. This
forces us to ask - how do humans develop? Man is a social animal
and the growth of our humanity requires various social
institutions, such as bureaucracy. The paradox of capitalism is
that it is a system ostensibly based on self-interest yet wholly
dependent on non-market values for its success. These non-market
values are shaped by two much-neglected factors, religion and
ethnicity. Economic Development is an applied field; whatever it
claims as a conclusion should be an applicable conclusion. This
requires attention to all those non-economic factors which
translate economic decisions into practice - such as the forces of
nationalism versus the pressures of such global powers as US
foreign policy and the advice of the IMF/IBRD. Since policy is our
goal, theory whose intellectual basis is inaccessible to policy
makers or which fails to have application should be minimized.
Mathematical models are best avoided and, if they are to be used,
the burden of proof must be placed upon their proponents. As
insights about the market are limited neither by time nor space,
poor countries can learn from rich ones, and vice versa. It is most
fruitful to focus on examples of success, such as the East Asian
economies. They are the clearest illustration of the fact that
rapid economic development is possible even to those who have
suffered through imperialism, and possess few natural resources,
but have their work and their determination intact. `One good
example is enough.'
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