The Three Regularities in Development
Description
The financial crisis in advanced economies and its impact on developing countries has put the longer term agenda of development - structural transformation of countries, of their growth, jobs, poverty and distribution - on the analytic and policy backburner. Day to day management of macro fundamentals in the global economy and the labour market have consumed decision makers with faltering GDP growth, soaring unemployment, and a resurgent threat of deflation. Without understanding and addressing the structural constraints and imbalances underpinning such global problems, the world economy is doomed to experience an increasing number of crises and emerging dualisms between countries.
The aim of this book is to bring back a balance to the development debate by re-focusing on the structural development challenges faced by developing countries. The book develops a coherent analytical framework supported by a large body of new empirical evidence linking three core dimensions - thestructure of growth, employment, and their macro drivers. Then, for each of these dimensions and relationships a variety of effective policies are also identified and elucidated with the added granularity of country cases.
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Moazam Mahmood is Former Director for the Research Department at the International Labour Organization (ILO). He is now a Visiting Professor at the Capital University of Economics and Business, Beijing, China, and a Professor in Economics at the Lahore School of Economics in Pakistan, and also acts as a Member of the Commission on Africa, Chaired by Professor Joseph Stiglitz at Columbia University, USA.
Content
1.Introduction.- Part I: Three Empirical Regularities in Development: In Growth, Jobs and Macro Drivers.- 2. A Regularity in Growth Patterns in Developing Countries: The Quantum and Composition.- 3. A Regularity in Employment Patterns in Developing Countries: Jobs and Good Jobs.- 4. A Regularity in the Macro Drivers of Growth and Jobs: Accumulation of Physical and Human Capital.- Part II: Three Policy Drivers of Development.- 5. Putting Caveats on Growth: Policy for Inclusion and Productive Transformation.- 6. Policy for Jobs: Reducing Informality.- 7. Macro Policy for Drivers of Growth and Jobs.- 8. Regularities Redux: Success Stories and Traps-What Has Worked for Developing Countries?.