Economic Growth Theory -- Translated Classics

Author: Arthur Lewis, Zhou Shiming, Shen Bingjie, Shen Bogen
Publisher:
Publish Date: 2002-11-01
Features: This book does not aim to propose new concepts of economic growth but rather attempts to provide a foundation for studying it. Papers on new concepts of economic growth can be published in professional journals, and the authors have written such articles, which are listed in the bibliography of this book. It seems necessary to have works like this, as the theory of economic growth has again attracted worldwide attention, yet comprehensive treatises on the subject have not appeared for almost a century. The last major work covering such a broad scope was John Stuart Mill's Principles of Political Economy, published in 1848. Since then, economists have become wiser and have wisely avoided attempting to cover such a vast topic in a single work, even abandoning certain aspects due to their inability to fully address them. The authors dare to explore this broad field partly out of an irrepressible curiosity and partly because of the practical needs of today's policymakers. However, the authors believe that despite inevitably being superficial on many topics, they have mustered the courage to present this vast work to a discerning public. The title of this book might easily be misunderstood as implying a single theory of economic growth. But the factors determining economic growth are numerous, and each has its own set of theories. The theory of land use has little in common with theories of the spread of new ideas, trade cycles, population growth, or government budgets. As a title, "theories of economic growth" might be more appropriate, but it is equally likely to be misunderstood as suggesting 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 outline a blueprint. The factors related to economic growth are intricate, and without a general understanding of the subject, one can easily lose one's way. This is also an apology to the readers for the book's superficiality. For different purposes, maps are drawn at different scales. If a professional journal article 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 the authors to write this book have shaped its structure. Curiosity demands a philosophical exploration of the course of human history, while practical needs require a manual to guide action. Since the authors are equally interested in both, the content of the book will not suit those who focus solely on philosophy or those who demand clear instructions on what to do next. It seems inevitable that a work reflects the author's personality and 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, the authors would have liked to include two or three case studies on economic growth or stagnation. With this intention, they read with great interest materials on ancient Egypt, Greece, Rome, and Islamic countries, not to mention China, Japan, and medieval times. However, to be honest, after reading these materials, especially those from before 1500 AD, the authors found more pleasure than knowledge, partly because they have too little precise understanding of early economic history. To write a case study that fully covers the content of this book would require extensive research and would be a separate paper. The authors worked closely with Ms. Gisela Einsnar, 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 that book is published in 1956, it will, in a sense, complement the case studies in this book.