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Essays on economic development and g...

Perala, Maiju Johanna.

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Essays on economic development and growth (Allyn Abbott Young).

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on economic development and growth (Allyn Abbott Young)./
Author:	Perala, Maiju Johanna.
Description:	217 p.
Notes:	Source: Dissertation Abstracts International, Volume: 63-10, Section: A, page: 3648.
Contained By:	Dissertation Abstracts International63-10A.
Subject:	Economics, General. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3068009
ISBN:	0493873260

Essays on economic development and growth (Allyn Abbott Young).
Perala, Maiju Johanna.

Essays on economic development and growth (Allyn Abbott Young). - 217 p.

Source: Dissertation Abstracts International, Volume: 63-10, Section: A, page: 3648.

Thesis (Ph.D.)--University of Notre Dame, 2003.

During the last decade, a ‘hybrid’ literature between development economics and growth economics has begun forming. Though nearing of these fields is observable, the close historical relation between growth and development theories is not recognized today. The first essay clarifies the background of this novel literature by extending the history of thought narrative on Allyn Young to recognize the close relationship that the early development theory had with the classical growth theory, as Young's externalities-fuelled cumulative growth process influenced the theories of Rosenstein-Rodan (1943) and Nurkse (1953). The conditions that prevent the development of underdeveloped regions, indivisibilities and inelasticities of supplies and demands, represent the breakdown of the conditions that Young (1928) highlights as necessary for self-sustaining growth to occur. Hence, Young's cumulative growth process underlies the view of early development theorists, though their focus is on the malfunctioning of this process. While by now a number of theoretical contributions have formalized development economics insights, bringing them into the domain of formal economic theory, empirical contributions in this vein lag behind. The second essay examines empirical evidence for aggregate increasing returns and whether this evidence varies across stage of development as postulated by early development theorists. The empirical results suggest that the evidence leans towards aggregate increasing returns across all samples. Within Cobb-Douglas framework, evidence for them is found for low-income economies, while the CES framework supports aggregate scale economies for advanced economies. The most important finding is the unequivocal importance that stage of development plays in cross-country regression results. The third essay examines growth successes and failures across countries and notes the latter's perplexing predominance among <italic>ex ante</italic> low-income economies. The essay proposes an explanation for these failures through an empirical investigation that highlights the importance of natural resource endowment type. The results show that, in the presence of social fragmentation, the <italic>nature</italic> of natural resource abundance bears great significance as natural resource endowment characterized by oil and/or mineral resources is more negatively correlated with growth than resource endowment that is agricultural. The robustness of this result is tested across a number of growth regression specifications within the literature.

ISBN: 0493873260Subjects--Topical Terms:

1017424
Economics, General.

Essays on economic development and growth (Allyn Abbott Young).
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245 1 0 $a Essays on economic development and growth (Allyn Abbott Young).
300 $a 217 p.
500 $a Source: Dissertation Abstracts International, Volume: 63-10, Section: A, page: 3648.
500 $a Directors: Amitava Krishna Dutt; Jaime Ros.
502 $a Thesis (Ph.D.)--University of Notre Dame, 2003.
520 $a During the last decade, a ‘hybrid’ literature between development economics and growth economics has begun forming. Though nearing of these fields is observable, the close historical relation between growth and development theories is not recognized today. The first essay clarifies the background of this novel literature by extending the history of thought narrative on Allyn Young to recognize the close relationship that the early development theory had with the classical growth theory, as Young's externalities-fuelled cumulative growth process influenced the theories of Rosenstein-Rodan (1943) and Nurkse (1953). The conditions that prevent the development of underdeveloped regions, indivisibilities and inelasticities of supplies and demands, represent the breakdown of the conditions that Young (1928) highlights as necessary for self-sustaining growth to occur. Hence, Young's cumulative growth process underlies the view of early development theorists, though their focus is on the malfunctioning of this process. While by now a number of theoretical contributions have formalized development economics insights, bringing them into the domain of formal economic theory, empirical contributions in this vein lag behind. The second essay examines empirical evidence for aggregate increasing returns and whether this evidence varies across stage of development as postulated by early development theorists. The empirical results suggest that the evidence leans towards aggregate increasing returns across all samples. Within Cobb-Douglas framework, evidence for them is found for low-income economies, while the CES framework supports aggregate scale economies for advanced economies. The most important finding is the unequivocal importance that stage of development plays in cross-country regression results. The third essay examines growth successes and failures across countries and notes the latter's perplexing predominance among <italic>ex ante</italic> low-income economies. The essay proposes an explanation for these failures through an empirical investigation that highlights the importance of natural resource endowment type. The results show that, in the presence of social fragmentation, the <italic>nature</italic> of natural resource abundance bears great significance as natural resource endowment characterized by oil and/or mineral resources is more negatively correlated with growth than resource endowment that is agricultural. The robustness of this result is tested across a number of growth regression specifications within the literature.
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