Economic Policy for Growth Economic Development is Human Development
Economic Development is but one facet of Human Development. This forces us to ask - how do humans develop? Man is a social animal and the growth of our humanity requires various social institutions, such as bureaucracy. The paradox of capitalism is that i
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ECONOMIC POLICY FOR GROWTH Economic Development is Human Development
by
Salim Rashid University of Illinois - Urbana-Champaign
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data
Rashid, Salim, 1949Economic policy for growth : economic development is human development / by Salim Rashid. p. cm. Includes bibliographical references and index. ISBN 978-1-4613-7047-5 ISBN 978-1-4615-4537-8 (eBook) DOI 10.1007/978-1-4615-4537-8
1. Economic development. 2. Economic policy. I. Title HD75 .R374 2000 338.9--dc21 00-037072 Copyright © 2000 Springer Science+Business Media New York Originally published by Kluwer Academic Publishers, New York in 2000 Softcover reprint of the hardcover 1st edition 2000
All rights reserved. No part of this publication may be reproduced. stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC .
Printed on acidlree paper.
Hast thou observed him who belies his religion That is he who repels the orphan And urges not the feeding of the needy Ah! woe be unto worshippers Who are heedless of their prayers Who would be seen at worship Yet refuse small kindness Surah al Maaun AI-Quran
To our children, Shahid, Sabir, Imran and Suraiya May they remain forever young by remembering to show their gratitude
CONTENTS Foreword
IX
Acknowledgments
xvii
Section 1. ORIENTATION Economic Development is Human Development 2 Economic Development is Interdisciplinary
1 23
Section 2. ELABORATION 3 Population
51
4 Technology
67
5 Entrepreneurship
85
6 Labor
105
Section 3. MACRO 7 Macroeconomics
119
8 Is Growth 'Theory' Necessary?
139
9 The Asian Financial Crisis
163
Section 4. MICRO 10 Wages, Dual Economies and Migration
181
11 Land Reform and Sharecropping
199
Section 5. METHOD 12 'Theory' in Economic Development Index
221 253
FOREWORD The goal I wish to persuade the reader of is amply indicated by the title of the first chapter: Economic Development is Human Development. Parts I and II are devoted to making this central claim plausible, both by elaborating upon the claim in the context of say, labor and of entrepreneurship, and by drawing out some of the implications of this viewpoint. The idea itself is such an ordinary one that its implementation requires minimal theoretical sophistication. Travelers and politicians have often been as quick as scholars to see the central issues. Hence policymakers should feel free to use the wider insights of our everyday interdisciplinary knowledge, rather than rely upon the specialised advice of economists. This theme, about the approachability of economics, runs along in parallel to the principal one, that about human development, throughout the book. I have tried to illustrate this by noting the practice of engineers, a profession widely hailed as practically successful; and by a stream of claims about the nature of a useful theory, made in non-technic
