Economic Growth Theory Ping (Translation of Famous Works)

Author: (British) Arthur Lewis, Zhou Shiming, Shen Bingjie, Shen Bogen
Publisher:
Publishing Date: 2002-11-03
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 once again attracted global attention, yet comprehensive treatises on the subject have not been published in nearly a century. The last comprehensive work of such scope was John Stuart Mill's Principles of Political Economy, published in 1848. Since then, economists have become wiser and have wisely refrained from attempting to cover such a broad topic in a single work, sometimes even abandoning certain aspects due to their inability to fully address them. The authors dare to explore this vast 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 extensive work to a discerning public. The title of this book might easily be misunderstood as implying a single theory of economic growth. However, numerous factors determine economic growth, 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, "various theories of economic growth" might be more appropriate, but it is equally susceptible to misinterpretation as suggesting that the book's purpose is to review the literature on economic growth. I am not aiming to formulate a theory but to outline a blueprint. The factors related to economic growth are intricate, and without a general understanding of the subject, one risks getting lost. This is also a way of asking readers to excuse the superficiality of this book. For different purposes, maps are drawn at different scales. 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 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 this book will not suit those who focus solely on philosophy nor 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 value concrete examples. To enrich this book, the authors would have liked to include two or three case studies on economic growth or stagnation. With this in mind, the authors read with interest materials on ancient Egypt, Greece, Rome, and Islamic countries, not to mention China, Japan, and medieval times. However, to be candid, 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 comprehensive case study covering the entire content of this book would require extensive research and would be a separate paper in itself. The authors collaborated closely with Mrs. Gisela Einsnar, a member of the research staff at the University of Manchester, who is writing a book on the economic development of Jamaica between 1830 and 1930. When her work is published in 1956, it will, in a sense, complement the case studies in this book.