Science of Economic Development and Growth : Theory of Factor Proportions Book

This practical text offers a novel perspective on theories of economic development and growth. The author undertakes a critical study and appraisal of existing growth and development theories and policies. Using the theory of factor proportions, he explains how wealthy countries like the United States were able to develop. At the same time, he analyzes the economic problems of advanced economies inherent in their present development patterns. He also shows, with particular regard to poor countries, how capital accumulation, long thought to be a necessary precursor to growth and development, is not only unnecessary but can actually lead to economic hemorrhage, as was the case during the Asian economic crisis.