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  • The U.S., Canada and Australia faced very favorable initial conditions in 18th and 19th century. There was an abundance of land, fairly temperate climates, and good endowments of natural resources. But the initial conditions facing most (not all) poor countries were much less favorable and many had to cope with the damages left by centuries of colonialism, in Africa and Latin America. In the great majority of cases, colonialism was especially damaging to institutions, to soils, to system of governance etc.

So, it is evident that “one size never fits all” , even as between poorer countries as a group, there are just too many differences in initial conditions and subsequent conditions. However, early 20 th century models of economic growth were based on the idea that one size fits all

Let us also consider generalizations about development. The first important generalization. It is very difficult to make defensible generalization about economic development. We are, after all, talking about 160/170 odd nations that are conventionally called emerging, or less developed and 40 countries that are called nearly developed .

In fact, there are as many differences between individual developing countries as there are differences between developing countries and developed ones. This is not surprising given vast difference between developing countries. These include differences in:

  • Cultures
  • Natural resource endowment
  • Climate ( 500 years ago tropical regions were richer then in Northern climates)
  • Colonial Past ( Much of sub-Sahara Africa’s lower per capita GDP stem from its colonial heritage )
  • Ideological Differences
  • Leadership Differences

Growth models- old and new

Let us examine some 20th century models in Growth and Development. Not 30 years ago most courses on economic and development spent at least a month focused on models purporting to capture the essence of growth and development.

In this book we will spend only a few hours on them, mostly as a place-marker in the history of economic thought.

First was the Harrod-Domar Model a widely taught (circa 1950-55) model (see Chapter 4, textbook). Harrod-Domar This model was developed by Roy Harrod and Evsey Domar in the 1950s. The model is single-mindedly focused on investment in physical capital (the concept of human capital was not formal until the sixties). was concerned exclusively with rule of Physical capital accumulation in economic growth. This is an extremely simple model, formulated by desk-bound professors and taught by desk-bound professors to other desk-bound economists.

This model led to shallow thinking and more importantly, to some misapplied policies. The author remembers clearly the Vice President of the World Bank, Hollis Chenery, in 1975 lecturing to the Indonesian Ministers of Finance and Planning on the singular importance of Physical capital accumulation.

As one result of the dominance of this approach, there was a widespread tendency to think of the structure of the Harrod-Domar model as a reflection of the real world. Many then viewed parameters of Harrod-Domar as actually pertaining to world experience. A list of disastrous policies by aid donors and recipient governments attributed to thinking fostered by misuse of variants of the Harrod-Domar model, presented below: A more detailed presentation of the Harrod-Domar model may be found in Dwight Perkins, Stephen Radelet and David Lindauer , Economics of Development, (6th edition 2006, Chapter 11).

Questions & Answers

so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
how to fabricate graphene ink ?
for screen printed electrodes ?
What is lattice structure?
s. Reply
of graphene you mean?
or in general
in general
Graphene has a hexagonal structure
On having this app for quite a bit time, Haven't realised there's a chat room in it.
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
many many of nanotubes
what is the k.e before it land
what is the function of carbon nanotubes?
I'm interested in nanotube
what is nanomaterials​ and their applications of sensors.
Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
preparation of nanomaterial
Victor Reply
Yes, Nanotechnology has a very fast field of applications and their is always something new to do with it...
Himanshu Reply
good afternoon madam
what is system testing
what is the application of nanotechnology?
In this morden time nanotechnology used in many field . 1-Electronics-manufacturad IC ,RAM,MRAM,solar panel etc 2-Helth and Medical-Nanomedicine,Drug Dilivery for cancer treatment etc 3- Atomobile -MEMS, Coating on car etc. and may other field for details you can check at Google
anybody can imagine what will be happen after 100 years from now in nano tech world
after 100 year this will be not nanotechnology maybe this technology name will be change . maybe aftet 100 year . we work on electron lable practically about its properties and behaviour by the different instruments
name doesn't matter , whatever it will be change... I'm taking about effect on circumstances of the microscopic world
how hard could it be to apply nanotechnology against viral infections such HIV or Ebola?
silver nanoparticles could handle the job?
not now but maybe in future only AgNP maybe any other nanomaterials
I'm interested in Nanotube
this technology will not going on for the long time , so I'm thinking about femtotechnology 10^-15
can nanotechnology change the direction of the face of the world
Prasenjit Reply
At high concentrations (>0.01 M), the relation between absorptivity coefficient and absorbance is no longer linear. This is due to the electrostatic interactions between the quantum dots in close proximity. If the concentration of the solution is high, another effect that is seen is the scattering of light from the large number of quantum dots. This assumption only works at low concentrations of the analyte. Presence of stray light.
Ali Reply
the Beer law works very well for dilute solutions but fails for very high concentrations. why?
bamidele Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic development for the 21st century. OpenStax CNX. Jun 05, 2015 Download for free at http://legacy.cnx.org/content/col11747/1.12
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