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Globalization and Economic Development

Globalization and Economic Development

Essays in Honour of J. George Waardenburg

Edited by Servaas Storm and C. W.M. Naastepad

Globalization is widely regarded as a means not only of ensuring efficiency and growth, but also of achieving equity and development for those countries operating in the global economy. The book argues that this perception of globalization as the road to development has lost its lustre. The experience of the 1990s belied expectation of the gains, such as faster growth and reduced poverty, which could be achieved through closer integration in the world economy.

Chapter 2: Dynamic methods in economics

Sukhamoy Chakravarty

Subjects: development studies, development economics, economics and finance, development economics, post-keynesian economics


* Sukhamoy Chakravarty 24 April 1990 I thought of taking this particular subject as a possible topic for an informal talk after reading an article by the Swiss institutional economist Kurt Dopfer [1988]. He wrote an article in the Journal of Economic Issues called ‘Classical Mechanics with an Ethical Dimension: Prof. Tinbergen’s Economics’, to which Prof. Tinbergen has given two replies: one in the Journal of Economic Issues, the very first place where this article by Dopfer appeared, and more recently another one which has been published, ‘The Functioning of Economic Research’ [Tinbergen, 1988, 1989]. I must say that after reading the article as well as these two replies, I felt that they were talking past each other completely, in the sense that one was not listening to the other. I think they both had points to make, but that their points are not meeting on the same plane. I think that this might be an occasion in the Tinbergen Institute to say something about Tinbergen’s work, as we see it, from the vantage point of nearly 60 years after it was first initiated. It was after all Tinbergen’s first important paper, on the shipbuilding cycle, that was published in 1931 in the Weltwirtschaftliches Archiv [which introduced for the first time in economics a mixed difference – differential equation, which subsequently played an important role in Frisch’s well-known paper on cycles (Frisch, 1933) and, more importantly, in Kalecki’s macrodynamic model (Kalecki, 1935)]. So I think that it was not such a...

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