The Lahore Journal of Economics

Provides articles in economics and related fields.

Articles from Vol. 20, September

Agenda Change in Western Development Organizations: From Hard Production to Soft, Timeless, Placeless Policy
1. IntroductionIn 1972, the president of the World Bank, Robert McNamara, visited Somalia - the first visit of a World Bank president to that country. He pledged a large loan to build a port. This port continues as Somalia's main port, but it badly needs...
Credit Flows to Pakistan's Manufacturing SME Sector
1. IntroductionThe manufacturing sector is a vital sector of the economy as well as a catalyst for growth. Countries such as China and Singapore have witnessed tremendous growth driven by the manufacturing sector (Anwar, 2008). The sector is not homogeneous;...
Editors' Introduction
As the Pakistani economy has stabilized over the last few years, the focus has turned towards restarting economic growth. This is a challenging task because of the structural problems faced by the economy as well as the global economic slowdown. This...
Globalization: The Challenge for Pakistan
1. IntroductionThe new globalism that unfurled in the mid-1980s continues to challenge countries, large and small, as well as international institutions created for an earlier era. Thirty years of globalization have witnessed deep financial crises as...
In Quest of SME-Conducive Policy Formulation
1. IntroductionWhy are SMEs so important? ... Because high employment growth in SMEs in the last decade has prevented unemployment rising ... in the European Economy Area.The European Observatory for SMEsGlobally, there is evidence of a new and growing...
Organization, Management, and Wage Practices in Pakistan's Electrical Fan and Readymade Garment Sectors
1. IntroductionManagement, once primarily the domain of business consulting and business schools, now garners intense interest among academic economists. Recent research has provided concrete and convincing evidence of the profound and positive impact...
Pakistan: A Case of Premature Deindustrialization?
1. IntroductionIt is evident that industry1 in Pakistan is in a state of crisis. The large-scale manufacturing (LSM)2 sector has grown, on average, by only 1.1 percent per annum in the last seven years (from 2008/09 to 2014/15; see Table A1 in the Appendix)....
The Economic Impact of New Firms in Punjab
1. IntroductionDiscussions on economic growth and socioeconomic development are closely interlinked. One aspect of this debate that appears in much of the theoretical and empirical literature is the idea that new firms create employment opportunities...
The Impact of the Macroeconomic Environment on Pakistan's Manufacturing Sector
1. IntroductionThe share of the manufacturing sector in Pakistan's overall GDP in recent years has ranged from 14 to 16 percent, ranking third after services (51 percent) and agriculture (21-22 percent). Although the macroeconomic environment appears...
The Missing Economic Magic: The Failure of Trade Liberalization and Exchange Rate Devaluation in Pakistan, 1980-2012
1. IntroductionPakistan and India were part of that wave of economic liberalization among developing countries from the late 1980s. What Bhagwati wrote about India could equally well have referred to Pakistan, if though Pakistan always had a little less...
Theory at Odds with Best Practice: The Travails of Industrial Policy
1. IntroductionThere is no other field of economics that generates more heat and controversy than industrial policy. The divergence of viewpoints on what is wrong with Pakistani industry and what ought to be done is evident among professional economists...
The Return of Industrial Policy and Revival of Pakistan's Economy: Possibilities of Learning, Industrial and Technology Policies
1. IntroductionAfter a long exile during which industrial policy (IP) had become unmentionable among mainstream economists, it has again become respectable. The literature extolling the case for IP has mushroomed in recent years, with a spate of publications...
The Role of DFIs in Industrial Growth and Transformation: Why the East Asian Countries Succeeded and Pakistan Did Not
1. IntroductionDevelopment finance institutions (DFIs) have played a salutary role in economic development - mainly through industrialization in the early stages of growth - in most developing countries, including Pakistan. These were state-owned and...
The State of Manufacturing in Pakistan
1. IntroductionPakistan has a rich history of producing and exporting cotton and cotton-based goods. Following independence in 1947, much was expected of the country, given that it was endowed with reasonable levels of human capital compared to other...
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