Economic growth theory

Author: Arthur Lewis
Publisher:
Publication Date: 2002-11-03
Features: This book does not aim to propose new concepts of economic growth but attempts to provide a foundation for studying it. Papers on new concepts of economic growth can be published in professional journals, and the author has written such articles, which are listed in the bibliography of this book. Works like this seem necessary because economic growth theory has again attracted global attention, yet comprehensive treatments of the subject have not appeared for nearly a century. The last extensive work on such a wide range was John Stuart Mill's Principles of Political Economy, published in 1848. Since then, economists have become more sophisticated and wisely avoided attempting to cover such a broad topic in a single work, even abandoning certain aspects due to their inability to fully address them. The author dares to explore this vast field partly out of curiosity and partly because of the practical needs of today's policymakers. However, the author believes that despite inevitably being superficial on many topics, he has gathered the courage to present this extensive work to a discerning public. The title of this book may be easily 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. Theories of land use have little in common with those studying 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 also easily misunderstood as suggesting the book's purpose is to review the literature on economic growth. I am not formulating a theory but rather outlining a blueprint. The factors related to economic growth are intricate, and without a general overview, one risks getting lost. This is also a plea for the reader's forgiveness for the book's superficiality. Maps are drawn at different scales depending on their purpose. If an article in a professional journal uses a scale of 1 inch equals 1 mile, this book uses a scale closer to 1 inch equals 100 miles. This note is also useful for the reader. The curiosity and practical needs that prompted the author to write this book have shaped its structure. Curiosity calls for philosophical inquiry into the course of human history, while practical needs demand a manual for guiding action. Since the author is equally interested in both, the content of this book will not suit those who value philosophy alone or those who seek clear instructions on what to do next. It seems inevitable that a book reflects the author's personality and diverse traits. It must also reflect the author's writing style. Economists and sociologists favor generalizations, while anthropologists and historians emphasize specific examples. To enrich this book, the author would have liked to include a couple of case studies on economic growth or stagnation. With this in mind, he read extensively on ancient Egypt, Greece, Rome, and the Islamic world—not to mention China, Japan, and the medieval period. However, to be candid, the enjoyment derived from these studies far outweighed the knowledge gained, partly because of the author's limited understanding of early economic history. To write a fully sufficient case study covering the entire scope of this book would require extensive research and be published as a separate paper. The author collaborated closely with Ms. Gisela Eisenstein of the Manchester University Research Department, who is writing a book on the economic development of Jamaica between 1830 and 1930. That work, when published in 1956, will in a sense complement the case studies of this book.