Download e-book for iPad: Institutions, Technology, and Circular and Cumulative by Henning Schwardt

By Henning Schwardt

ISBN-10: 113733388X

ISBN-13: 9781137333889

ISBN-10: 1349462438

ISBN-13: 9781349462438

The ebook investigates the relation among know-how and associations and their mutual effect in the course of tactics of improvement and alter and illustrates this at the improvement technique in Argentina after 1946. common and case-study particular coverage concepts are provided.

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Additional resources for Institutions, Technology, and Circular and Cumulative Causation in Economics

Sample text

As soon as they are not, the distinction between monetary and physical capital increases in importance, and an exclusive focus on savings as a means for investment spending has to fall short of addressing the necessities of underdeveloped economies. 26 The question of dynamic efficiency on the production side is avoided through the specification of the production function, and can be assessed and rectified easily with a view on consumption and savings over the periods. 27 In general, a point to be taken up in more detail below, this refers to the fact that uncertainty, and agents’ Models of Growth and Development Dynamics 23 tools for dealing with it, and circular and cumulative causations introduce numerous path-dependent dynamics that shape and are shaped by institutional influences, and that these facts of life create information problems beyond asymmetric access, namely, the non-existence of certain information until process dynamics have played out and created a certain situation.

Unbalanced growth In a more critical assessment, the problem with the approaches just presented is that they are superimposing an economic structure on a society that would have to draw on a number of skills that have been found wanting in the evaluation of the traditional sector of societies involved (Hirschman, 1958). The scarcity of the factors that are required to put a big push, or balanced growth, policy in practice is not given the necessary consideration, or, as he puts it, ‘if a country were ready to apply the doctrine of balanced growth, then it would not be underdeveloped in the first place’ (Hirschman, 1958, pp.

The assumption of equal effects of rules independently of the overall setting, however, threatens to produce non-trivial effects in the interpretation of results and suggestions for policies, and, thus, to misdirect efforts in terms of policy formulations if these conditions are not simplifications of underlying dynamics and relations, but overly simplistic assumptions abstracting from relevant issues and problems. 40 Institutions, Technology, and CCC in Economics Technological change A further area to discuss from the point of view of applicability to development problems concerns the notion of technological change.

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