Economic development is a process of continuous technological
innovation and structural transformation. Development thinking is
inherently tied to the quest for sustainable growth strategies. This
book provides a neoclassical approach for studying the determinants of
economic structure and its transformation and draws new insights for
development policy. The market is the basic mechanism for effective
resource allocation at each level of development. However, economic
development as a dynamic process entails structural changes, including
industrial upgrading and diversification and corresponding improvements
in hard and soft infrastructure. Such upgrading and improvements
require coordination and go hand in hand with large externalities to
firms' transaction costs and returns to capital investment. Thus,
in addition to an effective market mechanism, the government should
play an active role in facilitating structural changes. The book
provides empirical evidence in support of this framework as well as
concrete advice to development practitioners.
'This splendid collection of essays, by one of the
world's outstanding experts on economic development, puts to work a
newly emerging view, which he has helped to shape, of why in recent
decades some countries have prospered while others have languished.
Lin's focus is on countries that were all economically
underdeveloped six decades ago, but his analysis offers strong hints
about future prospects of the rich world as well. His style is
dispassionate and unadorned by drama, which makes the essays all the
more moving and illuminating.'
— Sir Partha Dasgupta, Frank Ramsey
Professor Emeritus of Economics, University of Cambridge
'New Structural Economics is a truly important and ambitious
book. Justin Lin, with some help from other distinguished scholars, has
succeeded in laying out the complex structural microeconomic dynamics
of economic growth, diversification and development, and in capturing
the crucial complementary roles of government as investor, regulator,
coordinator of activity and expectations, and guide. All of this is set
in a global economy that is itself in the midst of massive structural
change. This book will become an essential reference for scholars and
for policy makers not only in developing countries, but also,
increasingly, in developed countries.'
— Michael Spence, William R. Berkley
Professor in Economics and Business,
New York University Leonard N. Stern School of Business; 2001 Nobel
Prize in Economics
'The World Bank has long been committed to the goal of
achieving a world without poverty. In this brilliant volume, its Chief
Economist, Justin Yifu Lin, lays out an economic agenda for how to make
this dream a reality. He argues that the successes of China can be
achieved elsewhere around the world, and explains clearly and
forcefully the structural transformations that will be required and the
role that government can and must play in that transformation. The book
will be a landmark in rethinking development. It provides an
alternative to the now discredited Washington Consensus policies that
guided the Bretton Woods Institutions for years. Justin Lin's ideas
have already stirred discussion and debate. This book will ensure that
they will continue to be central in the reexamination of developmental
policy.'
— Joseph Stiglitz, 2001 Nobel Prize in
Economics; University Professor, Columbia University
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