Western Textbook Theory and the Developing Countries
This paper deals with the adaptation of traditional Western textbook economic theory to the problems of developing countries. It treats wages, rents and interest together with Keynesian and classical economy-wide models from this standpoint. The value of labour's marginal product will vary with the wage, rents with the land tenure system and interest rates with the size of and security on a loan. Inflationary Keynesian-inspired growth is likely to be unacceptable. Advance must therefore occur in a supply-originated classical manner.
Volume (Year): 19 (1980)
Issue (Month): 2 ()
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- Bela Balassa & Daniel M. Schydlowsky, 1968. "Effective Tariffs, Domestic Cost of Foreign Exchange, and the Equilibrium Exchange Rate," Journal of Political Economy, University of Chicago Press, vol. 76, pages 348.
- A.R. Kemal & Talat Alauddin, 1974. "Capacity Utilization in Manufacturing Industries of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 13(3), pages 231-244.
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