Chapter 2: Development theory
Development theory seeks to help us understand how countries develop as they do, looking for patterns and explanations of the most essential components of the development process. Questions that economic theorists ask are: “Is this policy essential to the development process?”, “What do countries have in common in how they develop?”, “Why do some nations fail and some succeed economically?” Some understanding may be found by modeling the proposed answers to these questions and putting forth a theory. In this chapter, we first discuss economic modeling, then development theory. We discuss economic reform theory, and development theory as it applies to China, India, and Japan.
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