By Yujiro Hayami
A entire and systematic account of the center subject matters in improvement economics, this publication examines the explanations why a number of international locations have accomplished a excessive point of affluence whereas the bulk stay terrible and stagnant. It represents an unique blend of classical political economic climate, sleek institutional concept, and present improvement matters, and is held jointly via the East Asian improvement adventure.
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Extra resources for Development Economics: From the Poverty to the Wealth of Nations
This is the basic cause of a general undersupply of public goods. Social rules (such as property rights) and social overhead capital (such as roads) bear the properties of'non-rivalness' and 'non-excludability' common to public goods. Non-rivalness is the property of a good to be utilized jointly by many, and non-excludability is the property of a good where utilization by those who do not pay for the cost of its supply is possible (Musgrave, 1959; Stiglitz, 2000). For example, once an irrigation canal is dug by the collective work effort of villagers, all those who engage in farming along this canal can utilize its water jointly.
Much of the useful information contained in the World Bank's and other international organizations' statistics, especially pertaining to the Middle East and the former Soviet Union bloc, had to be discarded with great reluctance. This choice was necessary, however, as a strategy to convert a large body of data into systematic knowledge through condensation of information. Yet, the possibility cannot be ruled out that the knowledge obtained may in some way be biased. It is hoped that readers will make an effort to correct for this possible bias by comparing the condensed summary in this chapter with the data of all the countries published in World Development Indicators and other statistical compilations.
On the other hand, the 0-Z line in the lower L-K quadrant represents the complementary relationship of capital with labour in the event of substituting labour for land. For example, as long as a farmer engages in slash-and-burn shifting cultivation, he can cultivate a large area using his own labour with very little capital consisting of such small items as a hatchet, a digging stick, and a stock of seeds. However, if he attempts to shift to a more labour-intensive, land-saving system under settled agriculture, he must build up large capital by improving farmlands (removing roots and stones, terracing and fencing) and acquiring a greater variety of farming tools and implements than those needed for shifting agriculture.