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right now in their score was born in
nineteen oh seven in estonia and died in
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nineteen fifty-nine after moving to the
united states he spent much of his
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career teaching at columbia in princeton
university's
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marks that belong to the post-world war
two development which is sometimes
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called
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classical development economics
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along with them for such as w arthur
lewis
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albert personal quarters and demerit and
hard singer
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these individuals laid some of the
foundations for modern development
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economics
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despite their differences there are some
common strength among these individuals
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they tended to be development as a
natural process something that could
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come to developing nations if only the
right backgrounder right pusher right
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moment to more in place
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marxist key ideas called the theory is
balanced growth
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it starts with the premise sometimes
known as increasing returns to scale
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that means that the economy has some
growth that helps it helps further
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growth yet so underdeveloped economies
are viewed as being stuck in a kind of
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poverty trap and what they needed some
initial momentum some initial forward
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motion and then they will be able to
build upon that progress and grow even
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further
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in some ways marks there was a precursor
of later worked by paul krugman jeffrey
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sachs
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nurture however also was very suspicious
of what he called unbalanced growth the
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notion that one sector of an economy or
small number of sectors would race for
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head of the others
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he saw unbalanced growth is having less
potential for this process of increasing
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returns to scale growing prosperity and
subsequent momentum
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just to sum up some of his bottom lines
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he saw many developing economies as
stock in a small market wrap
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that is they are lacking momentum and
unable to achieve growth simply by
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sitting around in waiting for it to
happen
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in ericsson steel growth builds upon
itself and government can at least in
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principle jump-start this growth with
acts of active investment
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purposes he was quite an optimistic one
at least provided the right policies are
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in place
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he very much favorite internal finance
he warned against the consequences of
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excess indebtedness and he saw the
funding of investment through external
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debt as tending to lead to unbalanced
growth and favoring the export sector
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unduly over other sectors in the economy
so he was actually skeptical of export
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led growth
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on these issues internal finance and
export skepticism in some ways he turned
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out to be quite wrong when the so-called
third-world debt crises came along that
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was exactly what nurse kept had warned
against but export led growth turned out
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to be more powerful and also more
capable of leading to an ultimate lee
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balanced growth then dorks who had seen
at the time
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perks it was not right about everything
but he still has a strong position as
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one of the leading and most influential
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development economists of the meat when
he gets injured
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