Economic Structure and Performance

Economic Structure and Performance

1st Edition - December 27, 1984

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  • Author: Hollis B. Chenery
  • eBook ISBN: 9781483257914

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Description

Economic Structure and Performance: Essays in Honor of Hollis B. Chenery briefly reviews the work of Hollis Chenery in the field of economics. This book discusses the underlying themes in Chenery's work, including structure, strategy, adjustment, and models. Organized into four parts encompassing 26 chapters, this book begins with an overview of the patterns of structural change and their relation to growth. This text then examines the objectives, measures, and implementation of policy, as well as administrative capabilities and cultural characteristics. Other chapters compare Chenery's econometric analysis of development patterns with the historical analyses and suggest that the two approaches complement each other. This book discusses as well the persistence of disequilibrium in segments of the economy. The final chapter deals with simple criteria for detecting critical interdependencies and a formula for measuring their welfare consequences. This book is a valuable resource for economists, industrialists, foreign capitalists, and social scientists.

Table of Contents


  • Contributors

    Preface

    Publications of Hollis B. Chenery

    Part I Structure

    1. The Chenery Analysis and Some Other Considerations

    Introduction

    Comparison of Egypt and Korea

    Differences in Goals

    Differences in Managing Public Enterprise

    Differences in Managing the Incentives to Private Enterprise

    Differences in Managing the Implementation of Policy

    Differences in the Management of Planning

    The Cultural Milieu

    Notes

    References

    2. Typology in Development Theory: Retrospective and Prospects

    Introduction

    Convergent Approaches Outlined

    A Brief Demonstration of the Comparative Historical Analysis Approach

    Prospects

    Notes

    References

    3. Patterns of Economic Growth, 1850-1914, or Chenery-Syrquin in Historical Perspective

    Introduction

    Method

    Data

    Statistical Results: All Countries

    Comparison of Historical with Contemporary Patterns

    Typologies of Industrialization

    Conclusions

    Appendix A: Summary Definitions of Classificatory Indicators

    Notes

    References

    4. Resource Reallocation and Productivity Growth

    Introduction

    Labor Shifts and the Growth of Labor Productivity: Partial Measures

    Resource Reallocation and Total Factor Productivity Growth

    The Gains from Reallocation: Empirical Results

    Conclusions

    Appendix A

    Notes

    References

    5. Class Alliances and Surplus Labor Time

    Introduction

    Surplus Labor Time

    Class and State Incomes

    Alliance and Conflict

    Notes

    References

    6. Some Elements of a Marxist Theory of Socialist Economic Development

    Introduction: Assumptions and Definitions

    A Model of Socialist and Communist Goals

    Strategies for Attaining Socialism

    The Strategy of Socialist Transformation

    The Strategy of Raising the Productive Forces

    Combined and Mixed Strategies

    Productive Forces and Relations of Production

    Conclusions

    Notes

    Part II Strategy

    7. Comparative Advantage and Development Policy 20 Years Later

    Introduction

    Trade Policy versus Growth, circa 1960

    Experience with Export-Led Growth

    Inner- and Outer-Oriented Strategies Contrasted

    Why is Performance Different?

    Summary and Conclusions

    Notes

    References

    8. Development Problems of the Mineral-Rich Countries

    Introduction

    Mineral Policy Problems in General

    The Nature of Mining Projects

    The Automatic Adjustment Mechanism in MRCs

    Some Implications

    Notes

    References

    9. Step-by-Step Liberalization of a Controlled Economy: Experience in Egypt

    Liberalization as a Step-by-Step Process

    The System of Economic Controls in Egypt in the Early 1970s

    Macroeconomic Trends during Liberalization

    Liberalization of Exchange Controls and Exchange Rates

    Liberalization of Arrangements for Private Companies

    The Liberalization of Other Areas

    Reasonable Principles for Liberalization

    Notes

    References

    10. The Future of Incomes Policies

    Introduction

    Income Markets Are Imperfect

    Incomes Policies Are Indispensable

    Not To Be Restricted to Wages

    Incomes from Professions; Residual Incomes

    Social Productivity as a Possible Criterion

    References

    11. Urbanization and Income Distribution: The Case of Taiwan, 1966-1980

    Introduction

    A Classification of Sectors by Degrees of Urbanization

    Income Disparities by Urbanization

    Effects of Changes in the Sectoral Distribution on Changes in the Economy

    Urbanization and the Standard of Living

    Reasons for the Relatively Equitable Distribution

    Conclusions

    Notes

    References

    12. Reciprocal Trade Growth: The Latin American Integration Experience

    Introduction

    The Benefits of Economic Integration in a Two-Gap Model

    The Evolution of the Latin American Free Trade Association

    Implications

    Notes

    References

    Part III Adjustment

    13. Growth with Limited Supplies of Foreign Exchange: A Reappraisal of the Two-Gap Model

    Introduction

    Growth and Aid

    Growth and Debt

    Conclusions

    Notes

    References

    14. Capital, Foreign Exchange, and Growth: The Two-Gap and Labor-Income-Floor Views

    Introduction

    The Simplified LIF and Two-Gap Models

    The Impact of Aid on the Economy

    Impacts of Aid in the LIF and Two-Gap Models: A Comparison

    Conclusion

    Notes

    References

    15. What Role Does Equity Play in the International Distribution of Development Aid?

    Introduction

    The Model

    Functional Forms

    Data

    Basic Estimates with Neither Country-Specific Nor Period Effects

    Extended Model Estimates with Country-Specific and Year-Specific Effects

    Summary

    Notes

    References

    16. Adjustment Policies and Development Strategies in Sub-Saharan Africa, 1973-1978

    Introduction

    Analyzing External Shocks and Adjustment Policies in Oil-Importing Sub-Saharan African Countries

    The Balance-of-Payments Effects of External Shocks

    The Balance-of-Payments Effects of the Policies Applied

    Alternative Development Strategies: An Evaluation

    Conclusions

    Notes

    References

    17. The 1940s in Latin America

    Introduction

    External Shocks and Trends

    Policies

    Performance

    The 1940s Legacy

    References

    18. Petrodollars and the Different Growth Performance of Industrial and Middle-Income Countries in the 1970s

    Introduction

    Production, Investment, and the Balance of Payment

    Determining the Real Interest Rate in a Multicountry Model

    The Different Response of Industrial and Middle-Income Countries

    Comparative Empirical Evidence

    Concluding Remarks

    Notes

    References

    19. A Multisector Approach to Global Econometric Modeling, with Special Reference to Heavy Industries

    Introduction

    The Model

    Empirical Results

    Global Simulation of the U.S. Discount Rate Reduction

    Concluding Remarks

    Notes

    References

    Part IV Models

    20. North-South Trade, Capital Flows, and Economic Growth: An Almost Neoclassical Model

    Introduction

    Key Assumptions: Single-Period Constraints

    Intertemporal Relations

    Numerical Assumptions

    Reference Case Results

    Alternative Rates of Capital Flows

    Extensions and Suggestions for Additional Research

    References

    21. Equilibrium and Prices in Multisector Models

    Introduction

    Optimization and Market Equilibrium

    Competitive Equilibrium Models

    Model Specification and Empirical Solution

    Prices in Planning Models

    Macroeconomic Equilibrium

    Conclusion

    Notes

    References

    22. On the Uses and Abuses of Economywide Models in Development Policy Analysis

    Introduction

    CGEs as Static Models

    Time and Money

    Income Distribution

    Some Possible Uses of CGEs

    Consistent Plans

    Concluding Discussion

    Notes

    References

    23. Consequences of Changes in Subsidy Policy: The Egyptian Case

    Introduction

    The Magnitude and Distribution of Subsidies in Egypt

    Microeconomic Theory and the Design of Tests of Changes in Subsidy Policy

    Tests of the Consequences of Subsidy Adjustments

    Conclusions

    Notes

    References

    24. Macroeconomic Adjustment in a Computable General Equilibrium Model for India

    Introduction

    Real-Side Adjustment

    Adjustment with Several Sectors

    Money and Interest

    The India Model (Jacobian)

    Numerical Results: Investment Increase and Devaluation

    The Role of Money

    Further Observations

    Notes

    References

    25. Active Life Profiles for Different Social Groups

    Principles of Construction

    The Background to the Development of Life Profiles

    The International Research Program

    Practical Problems

    Preliminary Results

    Index Number Construction

    Research Possibilities

    Costs and Benefits of Constructing Life Profiles

    Notes

    References

    Appendix: Life Profiles and Transition Matrices in Organizing Sociodemographic Data (by Richard Stone)

    26. "The Interdependence of Investment Decisions" Revisited

    Introduction

    Statement of the Mixed Integer Programming Model

    A Criterion for Isolating Make-Buy Interdependence

    Cost Implications of Neglecting Interdependence

    Extensions and Limitations

    Appendix: An Algorithm for Solution cum Problem Reduction

    Notes

    References

    Index

Product details

  • No. of pages: 610
  • Language: English
  • Copyright: © Academic Press 1984
  • Published: December 27, 1984
  • Imprint: Academic Press
  • eBook ISBN: 9781483257914

About the Author

Hollis B. Chenery

About the Editors

Moshe Syrquin

Lance Taylor

Larry E. Westphal

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