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Size and Economic Development: The Case of a Small Island Economy

In: Cyprus and the International Economy

Author

Listed:
  • Rodney Wilson

    (University of Durham)

Abstract

The question of country size and economic viability has received some attention from development economists, especially in the 1960s, the decade after so many small nations had become independent political entities. Many doubted whether so called mini states could ever be economically viable. Much of the literature was concerned with issues of economies of scale, and the limited externalities possible with narrow resource bases.1 Small size was thought to imply low domestic economic multipliers, with injections of government spending merely stimulating imports, hence undermining the efficiency of any fiscal stimulus. Even export-led growth would not prove possible, as export revenues feed back into imports, not indigenous economic activity. At the same time small economies which were very specialised were thought to be vulnerable to exogenous shocks and likely to suffer from export earnings instability.2

Suggested Citation

  • Rodney Wilson, 1992. "Size and Economic Development: The Case of a Small Island Economy," Palgrave Macmillan Books, in: Cyprus and the International Economy, chapter 1, pages 1-13, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12186-1_1
    DOI: 10.1007/978-1-349-12186-1_1
    as

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