Export And Economic Growth
This book has made a brilliant and illuminating survey of the Theory of export-led growth beginning with Adam Smith?s vent-for-surplus theory and including the Ricardian stages theory of comparative advantage. But its main focus has been a critical presentation of the post-Keynesian theory of export-led growth formulated by Prof. N. Kaldor and Lamfalussy. In the analysis of the contributions of these eminent economists, the various empirical studies to test these theories have also been covered to demonstrate their strength and weakness. In its second aspect it has surveyed the numerous contributions to test the theory of export-led growth in the context of the advanced countries such as the U.K., Canada and Japan. The study has been extended to include the role of exports in the economic development of the OPEC countries and the countries of East Asia. But the most striking aspects of the study relates to the analysis of the role of exports in Indian economic development. Quantitatives techniques have been applied to measure the relationship between the behaviour of exports and national income and it has revealed very significant conclusions with regard to the strategy and model of Indian economic development. The poor correlation between the increase in export and that in national income in the Indian economy has been found to be the result of the emphasis placed on inward-looking development strategy and inapproproate factor-mix in Indian economic development. It is a highly illuminating and brilliant study of the role of a significant variable in economic dynamics. It attempts to explain the process of growth of both developed and developing economies in terms of the role of exports. It falls in the category of economic analysis characterised as ?growth accounting? to which the contributions of eminent economists as Solow, Jorgenson and Dennision belong. It opens up a new horizon and its wide perspective and treatment of the subject are highly refereshing and stimulating. It offers a rich fare both to the professional economist as well as to the students of Indian economic development.
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