Economic growth theory

Author: Arthur Lewis
Publisher:
Publish Date: 2002-11-01
Features: The title of this book might easily be misunderstood as suggesting there is a single theory of economic growth. However, the factors determining economic growth are numerous, and each factor has its own set of theories. Theories of land tenure have little in common with theories of the spread of new ideas, trade cycles, population growth, or government budgets. While the title of this book might be more appropriately "Various Theories of Economic Growth," it could also be misleadingly interpreted as implying that the book's purpose is to review the literature on economic growth. I am not setting out to formulate a theory but rather to sketch a blueprint. The factors related to economic growth are so intricate that without a general perspective, one can easily lose one's way. This, perhaps, is an apology to the reader for the superficiality of this book. Since the purpose is different, the scale used in drawing the map varies. If an article in a professional journal has a scale of 1 inch equals 1 mile, then this book's scale is closer to 1 inch equals 100 miles. This is also useful for readers to understand the book. The curiosity and practical needs that prompted me to write this book determined its structure. Curiosity demands a philosophical exploration of the course of human history, while practical needs require a manual to guide action. Since I am equally interested in both, the content of this book will not suit those who focus solely on philosophy, nor those who demand clear guidance on what to do next. It seems that a work inevitably reflects the author's personality and its diverse characteristics. A work must also reflect the author's writing style. Economists and sociologists emphasize generalizations, while anthropologists and historians emphasize specific examples. To enrich this book, I would have liked to include two or three case studies of economic growth or economic stagnation. With this in mind, I read with great interest materials on ancient Egypt, Greece, Rome, and Islamic countries, not to mention China, Japan, and medieval materials. However, to be honest, the enjoyment I derived from reading these materials, especially those from before 1500 AD, was greater than the knowledge I gained, partly because my understanding of early economic history is too limited. To write a case study that fully covers the entire content of this book would require extensive research and would be written as a separate paper. I worked closely with Mrs. Gisela Einsner, a member of the research department at the University of Manchester, who is writing a book on the economic development of Jamaica from 1830 to 1930. When her book is published in 1956, it will, in a sense, complement the case study of this book.