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Principles of Economics- Mankiw (5th) 530

Principles of Economics- Mankiw (5th) 530 - 548 PA R T N I...

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548 PART NINE THE REAL ECONOMY IN THE LONG RUN Economists differ in their views of the role of government in promoting eco- nomic growth. At the very least, government can lend support to the invisible hand by maintaining property rights and political stability. More controversial is whether government should target and subsidize specific industries that might be E CONOMIST J EFFREY S ACHS HAS BEEN A prominent adviser to governments seeking to reform their economies and raise economic growth. He has also been a critic of the World Bank and the International Monetary Fund (IMF), the international policy organizations that dispense advice and money to strug- gling countries. Here Sachs discusses how the countries of Africa can escape their continuing poverty. G r o w t h i n A f r i c a : I t C a n B e D o n e B Y J EFFREY S ACHS In the old story, the peasant goes to the priest for advice on saving his dy- ing chickens. The priest recommends prayer, but the chickens continue to die. The priest then recommends music
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