Chapter

Perspective on Economic Policy

Deepak Lal and H. Myint

in The Political Economy of Poverty, Equity and Growth: A Comparative Study

Published in print October 1998 | ISBN: 9780198294320
Published online November 2003 | e-ISBN: 9780191596582 | DOI: http://dx.doi.org/10.1093/0198294328.003.0009
 Perspective on Economic Policy

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This chapter analyses the empirical lessons of economic policy for promoting growth arising from the sample of developing countries examined in the book. It emphasizes, in particular, the importance of the classical prescription for providing an economic environment with stable property rights that favours the promotion of productivity, thrift, and above all entrepreneurship. It also takes a sceptical look at various strategies of development that have been proposed. The four sections of the chapter are (1) the relation between our approach and the neoclassical approach to economic policy; (2) ‘Capital Fundamentalism’ and ‘Industrial Fundamentalism’; (3) redressing the anti‐agricultural bias and agricultural ‘fundamentalism’; and (4) redistributive policies and land reform.

Keywords: agriculture; capitalism; developing countries; development economics; economic growth; economic policy; entrepreneurship; industrialism; land reform; neoclassical economics; productivity; property rights; redistribution; thrift

Chapter.  11012 words. 

Subjects: Economic Development and Growth

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