Economic Growth in Developing Countries: Structural by M.L. Lakhera

By M.L. Lakhera

Fiscal development throughout international locations over the last 30 years or so has displayed 'dual' divergence among constructed and constructing nations, and between constructing nations. The structural transformation has been both gradual or of an anomalous nature. The learn addresses those and indicates how they could catch-up with built international.

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The special role of manufacturing results not just from greater externalities but also from building new comparative advantages and getting into higher-technology products through the process of upgrading and deepening the sector. Therefore once in place, the newly created industries have to generate lasting gains marking an economic transition and not becoming saturated where they are likely to face the ‘fallacy of composition’ effects. The study is not only about how it is but also more importantly about how it can be better and hasten the process of catching-up with the developed countries.

In a way, brought optimization analysis into the growth model providing for the endogenous determination of the saving rate. The neoclassical growth theory The essence of the neoclassical growth theory pioneered by Robert Solow (1957) is that the potential rate of growth of output – which represents the equilibrium and ‘natural’ rates of growth – is determined exogenously by the rate of growth of the labor force and also technical progress. The focus is on the reconciliation of the actual, equilibrium and ‘natural’ rates of growth.

It was the growth orientation of the Japanese kaisha nurtured by strong domestic competition that the Japanese corporations could face such strong formidable international competitors. This growth–productivity orientation was based on what has been called the ‘dynamic revised theory of comparative advantage’ which the Japanese followed and was later adopted by a number of the newly industrializing economies (Scott, 1985). The inducing power of technological innovation on economic growth has been significant in the Japanese economy through: the assimilation of advanced technology; encouraging the shopfloor to come up with suggestions for improvement to bring better results and improve efficiency; reducing the gap between worker and manager, that is, the culture of decision making and the social structure (see Johnson, 1982; Graham and Seddon, 1990; Gerlach, 1992; Aoki, 1984, 1988, 1989, Determinants of Economic Growth 33 1990, 1994; Hall and Soskice, 2001; Cowling and Tomlinson 2011).

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