Growth and Economic Development

Growth and Economic Development

Essays in Honour of A.P. Thirlwall

Edited by Philip Arestis, John S.L. McCombie and Roger Vickerman

This valuable and engaging new book bears eloquent testimony to A.P. Thirlwall’s substantial contribution to economics over the last 40 years. The volume does not attempt to provide a comprehensive review of such a prolific figure, but rather demonstrates the considerable influence that his work on economic theory has had on his contemporaries, and the profession as a whole.

Chapter 1: The Implications of Thirlwall’s Law for Africa’s Development Challenges

Mohammed Nureldin Hussain

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

Extract

Mohammed Nureldin Hussain* In the long run, no country can grow faster than that rate consistent with balance of payments equilibrium on current account unless it can finance ever-growing deficits which, in general, it cannot (A. Thirlwall, 1979). INTRODUCTION I first met Professor Thirlwall in 1978 when he was visiting the University of Khartoum as an external examiner for the Department of Economics. At the time I was a newly recruited teaching assistant in the department, and as the youngest staff member, I was pleasantly assigned to look after the social program of the Professor and his family, who had accompanied him to Khartoum. That brief encounter with the Professor was instrumental in resolving a personal quandary: the dilemma of making a choice among the many reputable universities in the United Kingdom and the United States that had accepted me to pursue my postgraduate studies. Impressed by his person and intellect, I joined the University of Kent in 1978 as an MA student. My relationship with Professor Thirlwall grew over time: he was my mentor,1 my lecturer, my PhD supervisor, and then, Tony, one of my best friends. It was Tony who first introduced me to the publication business and taught me how to tolerate rejections and to knock on all doors if I had a genuine point to make. With this sprit, we have worked on two models both of which have generated extensive debates. Our work on the supply-side framework for currency devaluation fuelled a long drawn...

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