The science of economic development and growth : the theory of factor proportions / Clement C. Onyemelukwe.

Format:

Book

Author/Creator:

Onyemelukwe, C. C. (Clement Chukwukadibia)

Language:

English

Subjects (All):

Economic development.

International economic relations.

Factor proportions--Developing countries.

Factor proportions.

Developing countries.

Physical Description:

xv, 412 pages : illustrations ; 26 cm

Place of Publication:

Armonk, N.Y. : M.E. Sharpe, [2005]

Summary:

The Science of Economic Development and Growth outlines a new theoretical framework -- one employing scientific method and reasoning -- through which to study and plan for the economic development of poor countries.

This new theory is presented in three parts: first, a full discussion of how countries like the U.S. were able to develop; second, the author proposes that there is a third dimension to understanding growth and development -- material -- which must be considered along with labor and capital; third, the book shows how capital accumulation -- long thought to be a necessary precursor to growth and economic expansion -- is not only unnecessary but can actually lead to "economic hemorrhage", as was the case during the Asian economic crisis.

Contents:

1 Taking Stock 3

Positivist Orthodoxy 7

The Modernization and Rational-Choice Schools 10

Dependency Theory 16

Neoliberal Theory 20

New Growth Theory (Endogenous Growth Theory) 26

2 Science and Economic Development 35

Nature 39

Primal State 39

Manpower and Labor in Primal Communities 41

Capital in Primal Societies 46

Materials in Primal Societies 50

Agricultural Economy? 52

Heat 53

Factor Substitution 54

Basic Personality 56

3 Theory of Factor Proportions 67

Factors of Production 67

Substitution 69

Factor Supply 76

Potential Capacity 93

Productivity and Technology 98

Human Capital 104

What Is Technology? 105

Inequality and Competition 107

Neoclassical Growth and New Growth 108

Scientific Economic Development/Growth Is Exogenous 111

4 Is the Technology There? 115

Economy of Scale 131

Optimization 139

Processing of Materials 143

Virtual Reality 149

5 International Trade Versus Economic Development and Growth 153

Trade: Comparative Advantage 153

Economy of Scale and Trade 164

Prospects for the International Economy-of-Scale Paradigm 173

International Trade Based on World Regions 176

Market Fragmentation 178

Infant Industry 181

6 International Factor Mobility 185

Capital Inflow 186

Economic Hemorrhage-Business Cycles 201

Material Inflow 202

Foreign Investment and Trade Between Advanced Economies 203

Foreign Direct Investment and Export of Manufactured Goods by Developing Countries 204

Technology Transfer 206

Foreign Aid 209

Project Assessment and the Issue of Participation 223

Sustainability and Participation 224

7 The World Economy and Globalization 231

The Asian Financial Crisis 231

World Economy 251

China-Whose Globalization? 269

Interconnectedness 272

Financial Solutions in the Global Context 276

The Way Forward 281

8 The U.S. Economy: A Historical Perspective 283

Iron and Industrial Development in America 286

U.S. Economic Emergence 290

Substitution for National Resources (Materials) 296

United States, 1890-1940 308

World War II 326

Postwar Economy 335

9 New Economy: Third Industrial Divide 337

Conventional Economics' Difficulties in Analyzing the New Economy 342

Capital Deepening 345

Investment in the Services Sectors in the U.S. Economy 349

Production Aid (Capital) in the U.S. New Economy 349

Inflation and the New Economy 358

Conventional Economics and New Economic Cycles 360

Inflation and the New Economy 362

New Growth Heights 362.

Notes:

Includes bibliographical references (pages 373-397) and index.

ISBN:

0765606046

OCLC:

48241396