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Some reflections on the state of development economics in Asia

Author

Listed:
  • Hal C. Hill

    (Australian National University)

  • Sisira Jayasuriya

    (Monash University)

Abstract

This paper reviews some salient aspects of the state of development economics, from the early post-war pioneers through the major 1989 survey by Nicholas Stern, to contemporary experiences and lessons. The latter is illustrated with references to five South and Southeast Asian countries. While the techniques of economic analysis have become ever more sophisticated and the data bases larger and richer, significant analytical puzzles remain. The central question of why some countries perform well and others indifferently is still imperfectly understood. Because many factors—economic, political, institutional, as well as random events— shape countries’ development trajectories, country economic forecasting over the medium to longer run continues to be as much art as science.

Suggested Citation

  • Hal C. Hill & Sisira Jayasuriya, 2019. "Some reflections on the state of development economics in Asia," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 56(1 and 2), pages 1-15, June and .
    • Handle: RePEc:phs:prejrn:v:56:y:2019:i:1and2:p:1-15
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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/976/874
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    Keywords

    development economics; history of economic thinking; Asia; Philippines; Cambodia; Sri Lanka; Thailand; Singapore;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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