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9_1_Notes - Econ 4730 F2008 In economic development the...

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Econ 4730 F2008 (9/1/2008) In economic development, the mainstream follows Lucas (1988). Development issues are studied with modified versions of the Solow model, under the name of endogenous growth. For five different reasons, Solow himself stated over 40 years his doubts about this approach (Author’s Preface, Wan, 2008). The record of East Asian economies makes it difficult to dismiss Solow’s unease. Few development economists have ever predicted the rapid growth of one East Asian economy after another. But once these economies have scored growth rates at unprecedented values, not just for a few years, but over a period of a decade or more, again no economist has successfully predicted that in case after case, not only their growth is destined to slow down to a rate no faster than America, but also along paths that leave the time paths of their per capita real incomes lying significantly lower than that of America. The benchmark model is proposed to offer an explanation to what is observed. Here
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