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Chicago Essays in Economic Development

What happens when the methods of the Chicago school of economics are applied to development problems? By collecting fifteen prime examples for this volume, David Wall has shown that these methods go a long way toward the clarification and solution of the economic problems faced by the world’s underdeveloped countries. The contributors, all members of the Department of Economics at the University of Chicago, are Theodore Schultz, Harry G. Johnson, Arnold C. Harberger, Bert F. Hoselitz, and Larry A. Sjaastad, and D. Gale Johnson.

These Chicago economists share a common intellectual framework universally recognized in the profession and derived from three beliefs: first, that theory is of fundamental importance; second, that theory is irrelevant unless set in a definite empirical context; and third, that in the absence of evidence to the contrary, the market works. Critics of the Chicago school tend to ignore the first two of these and to overlook the qualifying proviso of the third. This volume sets out to rectify that misunderstanding and to circulate more widely some of the best work produced by the Chicago school.

The essays in the opening "general" section clearly illustrate the characteristics of the Chicago school while also reflecting some well-known idiosyncrasies of four of its more prominent spokesmen. The other two sections, "Domestic Policy" and "Trade and Aid," cover topics on which Chicago authors have made a marked impact. Together, these essays will provide a basic reference book for students of the subject, illustrating one of the leading methods of analyzing economic development problems.

386 pages | 0.00 x 0.00 | © 1972

Economics and Business: Economics--Development, Growth, Planning

Table of Contents

Introduction by David Wall
General Features of Developing Economics
1. Economic Growth from Traditional Agriculture by Theodore W. Schultz
2. The Ideology of Economic Policy in the New States by Harry G. Johnson
3. Using the Resources at Hand More Effectively by Arnold C. Harberger
4. The Role of Cities in the Economic Growth of Underdeveloped Countries by Bert F. Hoselitz
5. Agriculture in Industrial Development by Bert F. Hoselitz
Domestic Policy
6. Fiscal Policy and the Balance of Payments in a Growing Economy by Harry G. Johnson
7. Some Notes on Inflation by Arnold C. Harberger
8. Reflections on the Monetary System of Panama by Arnold C. Harberger
9. Investment in Men versus Investment in Machines by Arnold C. Harberger
10. Argentina and the Five-Year Plan by Larry A. Sjaastad
Trade and Aid
11. Tariffs and Economic Development by Harry G. Johnson
12. Trade Preference and Developing Countries by Harry G. Johnson
13. Agriculture and Foreign Economic Policy by D. Gale Johnson
14. Value of U.S. Farm Surpluses to Underdeveloped Countries by Theodore W. Schultz
15. Issues Concerning Capital Assistance to Less-Developed Countries by Arnold C. Harberger

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