A Paradigm Shift that Never Will Be?: Justin Linâ€™s New Structural Economics
This paper assesses the attempt by Justin Lin, former Chief Economist of the World Bank, to posit a new development paradigm through his New Structural Economics, NSE. Linâ€™s attempt to redefine development economics deserves scrutiny for at least two reasons. He launched his new framework from the platform that his position as Chief Economist at the Bank. Critical scrutiny of his propositions then allows for continued insights into the complex relationship between scholarship and policy at the Bank and further illuminates, more broadly, the role of the Bank across the spectrum of development economics, development studies and development policy. Second, Linâ€™s framework claims a return to a â€œstructuralâ€ understanding of development, with a strong industrial policy rhetoric emanating from it. This has been greeted with considerable enthusiasm by erstwhile critics of the Bank. Closer scrutiny of the NSE, however, both reveals the flawed nature of its core theoretical notion of comparative advantage and exposes its strong, if unfortunately conservative, commitment to a flawed and incoherently applied neoclassical economics. These issues are explored across Linâ€™s propositions regarding structural change, the role of the state and finance and are further examined in the context of specific policy interventions that Lin attaches to the NSE.
|Date of creation:||Jan 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.soas.ac.uk/economics/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ricardo Hausmann & Dani Rodrik, 2002.
"Economic Development as Self-Discovery,"
NBER Working Papers
8952, National Bureau of Economic Research, Inc.
- Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self-Discovery," Working Paper Series rwp02-023, Harvard University, John F. Kennedy School of Government.
- Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self Discovery," CEPR Discussion Papers 3356, C.E.P.R. Discussion Papers.
- Enrico Berkes & Ugo Panizza & Jean-Louis Arcand, 2012.
"Too Much Finance?,"
IMF Working Papers
12/161, International Monetary Fund.
- Elisa Van Waeyenberge, 2009. "Selectivity at Work: Country Policy and Institutional Assessments at the World Bank," The European Journal of Development Research, Palgrave Macmillan, vol. 21(5), pages 792-810, December.
- Lin, Justin Yifu & Rosenblatt, David, 2012.
"Shifting patterns of economic growth and rethinking development,"
Policy Research Working Paper Series
6040, The World Bank.
- Justin Yifu Lin & David Rosenblatt, 2012. "Shifting patterns of economic growth and rethinking development," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 15(3), pages 171-194, September.
- Lin, Justin Yifu, 2003.
"Development Strategy, Viability, and Economic Convergence,"
Economic Development and Cultural Change,
University of Chicago Press, vol. 51(2), pages 276-308, January.
- Lin, Justin Yifu, 2003. "Development Strategy, Viability, and Economic Convergence," Economic Development and Cultural Change, University of Chicago Press, vol. 51(2), pages 276-308, January.
- Justin Yifu Lin, 2001. "Development Strategy, Viability, and Economic Convergence," William Davidson Institute Working Papers Series 409, William Davidson Institute at the University of Michigan.
- Joseph E Stiglitz, 2009. "The Current Economic Crisis and Lessons for Economic Theory," Eastern Economic Journal, Palgrave Macmillan, vol. 35(3), pages 281-296.
- Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
- Reinert, Erik S., 2012. "Neo-classical economics: A trail of economic destruction since the 1970s," MPRA Paper 47910, University Library of Munich, Germany.
- Robert H. Wade, 2012. "Return of industrial policy?," International Review of Applied Economics, Taylor & Francis Journals, vol. 26(2), pages 223-239, November.
When requesting a correction, please mention this item's handle: RePEc:soa:wpaper:179. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Duo QIN)The email address of this maintainer does not seem to be valid anymore. Please ask Duo QIN to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.