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Theories of
Economic
Development
CHAPTER 5
E.Wayne Nafziger
CHAPTER 5
E.Wayne Nafziger
Theories in Chapter 5
E.Wayne Nafziger
Classical theory
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Free trade.
Diminishing returns.
Iron law of wages.
Formulated amid scientific discoveries
& technical change.
Major flaws population theory &
lack of technological change.
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Marxism
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Critique of Marxism
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Existing rationality,
science & technology
Mode of organization
of production
Degree of
development of people
Relations of
production
Appropriation of
human labor product
Social contradictions
under which production
takes place
Principles of
distribution
Modes of thought,
ideology, and
Weltanschauung
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Traditional society.
Preconditions for takeoff.
Takeoff.
Drive to maturity.
Age of high-mass consumption.
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Critique of Rostow
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Meaning of balance.
Balanced growth synchronized
application of capital to wide range of
different industries Nurkse.
Big push needed because of
indivisibilities of infrastructure &
demand Rosenstein-Rodan.
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Lewis model
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Assumes MPLAG = 0.
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Fei-Ranis modification
wk institutional wage.
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Lewis-Ranis-Fei
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Barans dynamics
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Critique of Baran
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Critique of Frank
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Neoclassical counterrevolution
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Neoclassicisms Washington
consensus (pp. 150-151)
Price decontrol
Fiscal discipline
Reduce public spending
Tax reform
Financial liberalization
Competitive exchange rates
Trade liberalization
cont.
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Neoclassicisms Washington
consensus (cont)
Domestic savings
Foreign direct investment
Privatization
Deregulation
Property rights
Universal consensus
Big bang or shock therapy
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Criticism of neoclassicism
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Solow: Y = TK L
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Critique
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