The Keynesian Theory of Economic Development

The Keynesian Theory of Economic Development

The Keynesian Theory of Economic Development

The Keynesian Theory of Economic Development

Excerpt

This book is intended to clarify the technical possibilities and limitations of economic growth in general and of the economic development of underdeveloped countries in particular. To sharpen the issue, I have deliberately made comparative analyses of divers growth problems of underdeveloped and developed economies throughout this volume. My principal concern has been to elucidate the operationally significant mechanisms of economic development in given socio-cultural conditions. Accordingly I have selected those relations between measurable variables on which the growth of per capita real incomes most strategically depends--to be analysed on assumptions plausible yet simple enough to yield useful results. Separate chapters, though incomplete in and by themselves, have been arranged so as to constitute an integrated theoretical whole and to facilitate an overall scheme of industrialization programming in less developed countries.

By way of acknowledgment may I justify my predilection for the Keynesian frame of reference expressed in the title of this book, on several grounds. First, and contemporaneously, this book is very deeply indebted to Mr. R. F. Harrod and Mrs. Joan Robinson who, as one might expect of distinguished pupils of Keynes, have done most to secularize and dynamize Keynes's short-run theory. Specifically this book could not have been written without Mr. Harrod's path-breaking apparatus of growth analysis and without Mrs. Robinson's challenging suggestion about the possible application of Keynesian dynamics to underdeveloped countries. However, I have not hesitated to disagree with the specific tools of analysis in their writings, as the reader will see subsequently. Though written in the same post-Keynesian spirit of Mr. Harrod and Mrs. Robinson, this book is entitled 'Keynesian' in order to distinguish it from . . .

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