the-evolution-of-growth-and-development-theory_2023-1.pptx

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1. The Evolution of Growth and Development Theory 1940-2020

2. 1940’s Domar – Harrod-Domar growth model GDP growth is proportional to share of investment dy/y = s/v Y = min (K,L) Rosenstein-Rodan – big push (1943)

3. 1950’s Hirshman – coordination failure Kaldor – different savings rates Lewis – two-sector 1979 Nobel 3 Big assumptions Solow – growth model 1987 Nobel Introduces factor substitution Sy=nk and Y = A(k)

4. 1960’s Rostow – stages of growth T.W. Schultz – Quality of People 1979 Nobel

5. 1970’s Chenery and Kuznets – “structural change” Patterns of development Irma Adelman – basic needs Food, shelter, health, education Dependence (False-paradigm) Political economy, legacy of colonialism

6. 1980’s Neoclassical revolution Anne O.Krueger ”free markets” Lucas and Romer – endogenous growth Nobels 1995 and 2018 Level of technology is now in the model Increasing returns Importance of Ideas

7. 1990’s Sen – freedom 1998 Nobel Kremer – O-ring 2019 Nobel Behavioral Economics

8. 2000’s Sachs – Big Push revisited and Clinical Rodrik – growth analytics, institutions Duflo – RCTs, Poor Economics 2019 Nobel Ostrom – Beyond Markets and States 2009 Nobel Acemoglu – History and Institutions

9. 2010s Sachs – SDGs NeuroEconomics