The Elusive Quest for Growth

Economists' Adventures and Misadventures in the Tropics

Author: William Easterly

Publisher: MIT Press

ISBN:

Category: Business & Economics

Page: 342

View: 311

"In this book Easterly shows how these solutions all violate the basic principle of economics, that people - private individuals and businesses, government officials, even aid donors - respond to incentives. Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem.

The Elusive Quest for Growth

Economists' Adventures and Misadventures in the Tropics

Author: William R. Easterly

Publisher: MIT Press

ISBN:

Category: Business & Economics

Page: 360

View: 144

Why economists' attempts to help poorer countries improve their economic well-being have failed. Since the end of World War II, economists have tried to figure out how poor countries in the tropics could attain standards of living approaching those of countries in Europe and North America. Attempted remedies have included providing foreign aid, investing in machines, fostering education, controlling population growth, and making aid loans as well as forgiving those loans on condition of reforms. None of these solutions has delivered as promised. The problem is not the failure of economics, William Easterly argues, but the failure to apply economic principles to practical policy work. In this book Easterly shows how these solutions all violate the basic principle of economics, that people—private individuals and businesses, government officials, even aid donors—respond to incentives. Easterly first discusses the importance of growth. He then analyzes the development solutions that have failed. Finally, he suggests alternative approaches to the problem. Written in an accessible, at times irreverent, style, Easterly's book combines modern growth theory with anecdotes from his fieldwork for the World Bank.

The Elusive Quest for Growth in Argentina

Author: D. Chudnovsky

Publisher: Springer

ISBN:

Category: Business & Economics

Page: 219

View: 227

This book explores a big puzzle in development economics - why Argentina, despite rich natural resources and ample human capital, has endured such poor growth performance. The authors use rigorous economic analysis and an institutional and historical approach to show what went wrong, in a timely contribution to the sustainable development debate.

The White Man's Burden

Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good

Author: William Easterly

Publisher: Penguin

ISBN:

Category: Social Science

Page: 448

View: 507

From one of the world’s best-known development economists—an excoriating attack on the tragic hubris of the West’s efforts to improve the lot of the so-called developing world In his previous book, The Elusive Quest for Growth, William Easterly criticized the utter ineffectiveness of Western organizations to mitigate global poverty, and he was promptly fired by his then-employer, the World Bank. The White Man’s Burden is his widely anticipated counterpunch—a brilliant and blistering indictment of the West’s economic policies for the world’s poor. Sometimes angry, sometimes irreverent, but always clear-eyed and rigorous, Easterly argues that we in the West need to face our own history of ineptitude and draw the proper conclusions, especially at a time when the question of our ability to transplant Western institutions has become one of the most pressing issues we face.

The Elusive Quest for Inclusive Growth

Growth, Poverty, and Inequality in Asia

Author: Mr.Ravi Balakrishnan

Publisher: International Monetary Fund

ISBN:

Category: Business & Economics

Page: 36

View: 180

This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the last two decades, inequality has increased, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia’s own past, the recent period of growth has been both less inclusive and less pro-poor. Our analysis suggests a number of policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to increase spending on health, education, and social safetynets; labor market reforms to boost the labor share of total income; and reforms to make financial systems more inclusive.

The Elusive Quest for Inclusive Growth

Growth, Poverty, and Inequality in Asia

Author: Ravi Balakrishnan

Publisher: International Monetary Fund

ISBN:

Category: Business & Economics

Page: 36

View: 626

This paper assesses how pro-poor and inclusive Asia’s recent growth has been, and what factors have been driving these outcomes. It finds that while poverty has fallen across the region over the last two decades, inequality has increased, dampening the impact of growth on poverty reduction. As a result, relative to other emerging and developing regions and to Asia’s own past, the recent period of growth has been both less inclusive and less pro-poor. Our analysis suggests a number of policies that could help redress these trends and broaden the benefits of growth in Asia. These include fiscal policies to increase spending on health, education, and social safetynets; labor market reforms to boost the labor share of total income; and reforms to make financial systems more inclusive.

The Elusive Quest Continues

Theory and Global Politics

Author: Yale H. Ferguson

Publisher: Pearson College Division

ISBN:

Category: Political Science

Page: 302

View: 281

Unique in perspective, this book summarizes the achievements, problems, and prospects for theory in the field of international politics—with a focus on the theoretical and epistemological issues that divide the major theorists. It summarizes major theoretical approaches starting in the Middle Ages, places them in theoretical traditions, and suggests how theory evolves over time. It ends on a cautious note—praising the growing interest in the subjective dimension of the field while criticizing the wholesale rejection of empiricism by postmodernists, public choice theorists, and others. Paradigms and Theoretical Growth in Global Politics. Values and Paradigm Change in Global Politics. Changing Norms and Theory: The Middle Ages to Machiavelli. The Vicissitudes of Norms and Theory: Realism and Idealism. The State as an Obstacle to Understanding Global Politics. The Uncertain Bounds of Bounded Rationality. Quo Vadis Foreign Policy? The Challenge of Anarchy and the Search for Order. The End of the Elusive Quest? The Quest Continues. For anyone interested in international politics.

Electricity Restructuring in China

The Elusive Quest for Competition

Author: Russell Pittman

Publisher: BiblioGov

ISBN:

Category:

Page: 36

View: 417

The continuation of China's remarkable economic growth will depend on continued increases in electricity supply. China has commenced a program of electricity sector restructuring, with the announced aim of relying on markets and competition to provide incentives for attracting private investment and encouraging efficiency. However, a close examination of the generation markets being created suggests that truly free wholesale prices are likely to be both high and volatile. This may be the reason that these prices have not yet been freed - and it may not bode well for true market liberalization in the future.

Under-Rewarded Efforts

The Elusive Quest for Prosperity in Mexico

Author: Santiago Levy Algazi

Publisher: Inter-American Development Bank

ISBN:

Category: Business & Economics

Page: 323

View: 342

Why has an economy that has done so many things right failed to grow fast? Under-Rewarded Efforts traces Mexico’s disappointing growth to flawed microeconomic policies that have suppressed productivity growth and nullified the expected benefits of the country’s reform efforts. Fast growth will not occur doing more of the same or focusing on issues that may be key bottlenecks to productivity growth elsewhere, but not in Mexico. It will only result from inclusive institutions that effectively protect workers against risks, redistribute towards those in need, and simultaneously align entrepreneurs’ and workers’ incentives to raise productivity.

The Elusive Quest for the Holy Grail of an Impact of EU Funds on Regional Growth

Author: Jan Fidrmuc

Publisher:

ISBN:

Category:

Page:

View: 445

We analyze the impact of EU structural and cohesion funds on economic growth of European regions, using 2SLS to tackle the potential problem of endogeneity, and estimating a spatial model to account for inter-regional spillovers. We use the presence of environmentally protected areas (under the European Union's Natura 2000 program) as instruments for the receipts of funds from the EU Cohesion Policy. We find that the European funds have a significant and positive effect on regional economic growth in the EU. The inter-regional spillovers in the effect of Cohesion Policy on regional growth are found to be important: most of the effect takes place outside of the recipient region rather than inside. However, there is considerable heterogeneity in the effect of Cohesion Policy across individual EU member states: the effect is stronger in the new member states, and weak or negative in the countries hit by the recent austerity measures. Finally, our results confirm the positive impact of institutional quality: improvements in economic development across the EU do not necessarily require only redistribution: institutional reform can also help boost growth performance.

From Great Depression to Great Recession

The Elusive Quest for International Policy Cooperation

Author: Mr.Atish R. Ghosh

Publisher: International Monetary Fund

ISBN:

Category: Business & Economics

Page: 256

View: 629

The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen at the time of the Great Depression and at the end of World War II. As with earlier crises, these concerns prompted calls for greater international policy cooperation—both to achieve a sustainable recovery from the crisis and to prevent future crises. This volume compiles papers from a 2015 symposium of eminent scholars convened by the IMF to discuss how history can inform current debates about the functioning and challenges of the international monetary system. An introductory chapter sets the stage for the other chapters in the volume by giving a broad overview of the performance of the international monetary system over the past century, highlighting the key events and challenges that shaped it. Subsequent sections look at historical antecedents of today’s challenges, describe how the modern international monetary system has been—and continues to be—shaped through international financial diplomacy, provide a present-day perspective, and examine the analytics of international policy coordination.

Land

The Elusive Quest for Social Justice, Taxation Reform & a Sustainable Planetary Environment

Author: Philip Day

Publisher:

ISBN:

Category: Land use

Page: 120

View: 722

This book identifies what its authors see as the fatal flaw in land planning and administration, which is leaving the planet vulnerable to development and diverting national savings into speculative property booms and damaging busts.

Reinventing Foreign Aid

Author: William Easterly

Publisher: Mit Press

ISBN:

Category: Business & Economics

Page: 567

View: 723

The urgency of reducing poverty in the developing world has been the subject of apublic campaign by such unlikely policy experts as George Clooney, Alicia Keyes, Elton John,Angelina Jolie, and Bono. And yet accompanying the call for more foreign aid is an almost universaldiscontent with the effectiveness of the existing aid system. In Reinventing Foreign Aid,development expert William Easterly has gathered top scholars in the field to discuss how to improveforeign aid. These authors, Easterly points out, are not claiming that their ideas will (to invoke acurrent slogan) Make Poverty History. Rather, they take on specific problems and propose somehard-headed solutions. Easterly himself, in an expansive and impassioned introductory chapter, makesa case for the "searchers"--who explore solutions by trial and error and learn fromfeedback--over the "planners"--who throw an endless supply of resources at a big goal--asthe most likely to reduce poverty. Other writers look at scientific evaluation of aid projects(including randomized trials) and describe projects found to be cost-effective, including vaccinedelivery and HIV education; consider how to deal with the government of the recipient state (workthrough it or bypass a possibly dysfunctional government?); examine the roles of the InternationalMonetary Fund (a de-facto aid provider) and the World Bank; and analyze some new and innovativeproposals for distributing aid. William Easterly is the author of The Elusive Quest for Growth:Economists' Adventures and Misadventures in the Tropics (MIT Press, 2001) and The White Man'sBurden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good. He isProfessor of Economics at New York University (Joint with Africa House), Codirector of NYU'sDevelopment Research Institute, visiting Fellow at the Brookings Institution, and Nonresident Fellowof the Center for Global Development in Washington, DC. Contributors Abhijit Banerjee, NancyBirdsall, Craig Burnside, Esther Duflo, Domenico Fanizza, William Easterly, Ruimin He, Kurt Hoffman,Stephen Knack, Michael Kremer, Mari Kuraishi, Ruth Levine, Bertin Martens, John McMillan, EdwardMiguel, Jonathan Morduch, Todd Moss, Gunilla Pettersson, Lant Pritchett, Steven Radelet, AminurRahman, Ritva Reinikka, Jakob Svensson, Nicolas van de Walle, James Vreeland, Dennis Whittle,Michael Woolcock

The Tyranny of Experts

Economists, Dictators, and the Forgotten Rights of the Poor

Author: William Easterly

Publisher: Basic Books (AZ)

ISBN:

Category: Business & Economics

Page: 416

View: 629

Over the last century, global poverty has largely been viewed as a technical problem that merely requires the right "expert” solutions. Yet all too often, experts recommend solutions that fix immediate problems without addressing the systemic political factors that created them in the first place. Further, they produce an accidental collusion with "benevolent autocrats,” leaving dictators with yet more power to violate the rights of the poor. In The Tyranny of Experts, economist William Easterly, bestselling author of The White Man’s Burden, traces the history of the fight against global poverty, showing not only how these tactics have trampled the individual freedom of the world’s poor, but how in doing so have suppressed a vital debate about an alternative approach to solving poverty: freedom. Presenting a wealth of cutting-edge economic research, Easterly argues that only a new model of development--one predicated on respect for the individual rights of people in developing countries, that understands that unchecked state power is the problem and not the solution --will be capable of ending global poverty once and for all.

Excerpt: From Great Depression to Great Recession

The Elusive Quest for International Policy Cooperation

Author: Mr.Atish R. Ghosh

Publisher: International Monetary Fund

ISBN:

Category: Business & Economics

Page: 53

View: 893

This is an excerpt of From Great Depression to Great Depression: The Elusive Quest for International Policy Cooperation.

The Gifts of Athena

Historical Origins of the Knowledge Economy

Author: Joel Mokyr

Publisher: Princeton University Press

ISBN:

Category: Business & Economics

Page: 359

View: 669

The growth of technological and scientific knowledge in the past two centuries has been the overriding dynamic element in the economic and social history of the world. Its result is now often called the knowledge economy. But what are the historical origins of this revolution and what have been its mechanisms? In The Gifts of Athena, Joel Mokyr constructs an original framework to analyze the concept of "useful" knowledge. He argues that the growth explosion in the modern West in the past two centuries was driven not just by the appearance of new technological ideas but also by the improved access to these ideas in society at large--as made possible by social networks comprising universities, publishers, professional sciences, and kindred institutions. Through a wealth of historical evidence set in clear and lively prose, he shows that changes in the intellectual and social environment and the institutional background in which knowledge was generated and disseminated brought about the Industrial Revolution, followed by sustained economic growth and continuing technological change. Mokyr draws a link between intellectual forces such as the European enlightenment and subsequent economic changes of the nineteenth century, and follows their development into the twentieth century. He further explores some of the key implications of the knowledge revolution. Among these is the rise and fall of the "factory system" as an organizing principle of modern economic organization. He analyzes the impact of this revolution on information technology and communications as well as on the public's state of health and the structure of households. By examining the social and political roots of resistance to new knowledge, Mokyr also links growth in knowledge to political economy and connects the economic history of technology to the New Institutional Economics. The Gifts of Athena provides crucial insights into a matter of fundamental concern to a range of disciplines including economics, economic history, political economy, the history of technology, and the history of science.

The China Dream

The Elusive Quest for the Greatest Untapped Market on Earth

Author: Joe Studwell

Publisher:

ISBN:

Category: China

Page: 393

View: 494

For 700 years, ever since outsiders first wrote about the place, the world has believed there are untold riches to be harvested in China. More recently, with the rise of globalisation, the spread of capitalism, and the growth in its population to 1.3 billion, the belief in China's unparalleled potential has taken on the order of an obsession. During the 90s, China astounded the world with double-digit annual growth rates while attracting over $300 billion in foreign investment. Politicians, economists and business leaders everywhere foresaw in China a market for goods and services to dwarf all others. In this thoroughly researched and engaging book, Joe Studwell provides a provocative analysis of the `China Dream'. He takes to task these predictions of growth - and instead foresees an economic crisis for China in the wake of the foreign-investment gold rush of the last ten years. A crisis that will destroy the hopes of outsiders realising their investment dreams.

From Great Depression to Great Recession

The Elusive Quest for International Policy Cooperation

Author: Mr.Atish R. Ghosh

Publisher: International Monetary Fund

ISBN:

Category: Business & Economics

Page: 256

View: 142

The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen at the time of the Great Depression and at the end of World War II. As with earlier crises, these concerns prompted calls for greater international policy cooperation—both to achieve a sustainable recovery from the crisis and to prevent future crises. This volume compiles papers from a 2015 symposium of eminent scholars convened by the IMF to discuss how history can inform current debates about the functioning and challenges of the international monetary system. An introductory chapter sets the stage for the other chapters in the volume by giving a broad overview of the performance of the international monetary system over the past century, highlighting the key events and challenges that shaped it. Subsequent sections look at historical antecedents of today’s challenges, describe how the modern international monetary system has been—and continues to be—shaped through international financial diplomacy, provide a present-day perspective, and examine the analytics of international policy coordination.