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An Evolutionary Theory of Economic Policy. Part I. The Experience of Fast Development



This article presents the first part of the work on how instruments and methods of the growth promotion should change as a country approaches the level of advanced economies in terms of welfare and the quality of institutions. We describe the evolution of economic policies in Western countries and also in countries that became known as "economic miracles" during their catch up development. Our analysis allows to trace the major directions of such evolution: from import substitution to export orientation, from regulation of import tariffs to non-selective policy of the real exchange rate undervaluation, from import of technology to domestically based research and development, from creation of large companies to support of small and medium-size firms.

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  • V. Polterovich & V. Popov., 2006. "An Evolutionary Theory of Economic Policy. Part I. The Experience of Fast Development," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
  • Handle: RePEc:nos:voprec:2006-07-1

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    Cited by:

    1. Dementyev, V., 2014. "About Industrial Policy Guidelines," Journal of the New Economic Association, New Economic Association, vol. 22(2), pages 201-205.
    2. Kudrin, A. & Gurvich, E., 2015. "Government Stimulus or Economic Incentives?," Journal of the New Economic Association, New Economic Association, vol. 26(2), pages 179-186.
    3. Polterovich, Victor & Tonis, Alexander, 2014. "Absorptive Capacity and Innovative Capability: An Approach to Estimation," MPRA Paper 56855, University Library of Munich, Germany.
    4. Polterovich, V., 2014. "Industrial Policy: Recipes or Institutions?," Journal of the New Economic Association, New Economic Association, vol. 22(2), pages 190-195.
    5. Zaytsev, Alexander, 2015. "Производительность Труда В Отраслях Обрабатывающей Промышленности России: Динамика И Межстрановые Сопоставления
      [Labor productivity in Russian manufacturing industries: dynamics and international c
      ," MPRA Paper 68407, University Library of Munich, Germany.
    6. Vladimir Komarov, 2012. "Main Principles of Innovation Theory," Published Papers 173, Gaidar Institute for Economic Policy, revised 2013.

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