Feb 13 Lecture Notes - Economic Development

Feb 13 Lecture Notes - Economic Development - POLI 227...

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POLI 227 Narendra Subramanian Feb 13, 2008 Don’t read 23a read 23b! Start Review Economic development Theories and Strategies Import substitution industrialization Export oriented industrialization Economic Development: Theories and Strategies Consensus: Prioritize Economic Development o Poverty & inequality reduction; industrialization o In tension with need for industrialization o Models for “Late Industrialization” Comparative advantage = look at resources, specialize in producing the goods for which you have resources for Variation in natural resources Wages low Most of production in agriculture and mineral products Exports were mostly agriculture and mineral products Countries should specialize in labour intensive production (aka agriculture and mining, low-tech industries) Economy with grow from free market Higher incomes and standard of living Developing countries needed to industrialize fast No suggestion that countries need to industrialize quickly, that government needed to force fast pace Development economics emerged as a sub-field of economics and suggested strategies to solve these problems
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This note was uploaded on 04/07/2008 for the course POLI 227 taught by Professor Narendrasubramanian during the Winter '08 term at McGill.

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Feb 13 Lecture Notes - Economic Development - POLI 227...

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