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Fall 1999
ISSN 0890-913X
Volume 15, Number 1

Paul Samuelson and Development Economics: A Missed Opportunity

Jane S. Shaw, Political Economy Research Center
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PaulSamuelsonandDevelopmentEconomics:AMissedOpportunityJaneS.ShawPoliticalEconomyResearchCenterAttheendoftheSecondWorldWar,theattentionofmanyeconomiststurnedtotheterritoriesthathadbeencontrolledbytheWesterncolonialpowers.Politically,mostwerenewlyindependentcountries,orabouttobe.Economically,theywerefarbehindthecountriesoftheWest,andsomewereafflictedwithseverepoverty.ConcernaboutthesecountriesledtowhatiscalledAdevelopmenteconomics.@Growthanddevelopmentbecamewatchwordsforsegmentsoftheeconomicsprofession.Yetaswelookbackontheseprescriptionshalfacenturylater,itdoesnotseemasthoughtheyprovidedmuchguidancefortheemergingcountries.Todaymanycountries,fromGhanatoIndia,remainbackward,withlargeportionsoftheirpeopleinpoverty.AfewsuchasSouthKoreaandTaiwan,havemovedtowardprosperity,buttheywerenottheonesexpectedtodoso.Therearemanyreasonsforthelaggingeconomicperformancebyunderdevelopedcountries,butoneissurelythefactthatimportanteconomistsmisunderstoodthefactorsunderlyinggrowth.ManyinfluentialeconomiststhoughtCandthegovernmentsoftheemergingcountrieslikedtheideaCthatgovernmentpolicies,includingKeynesianmanagementpolicies,couldspurgrowth(Bell,1987).Notalleconomistsbelievedthis,especiallyearlyon.ProminentamongthedissenterswasPeterT.Bauer(1991).However,asgrowthbegantofascinateeconomists,thedown-toearththeoriesofBauer,basedmoreonempiricalevidencethanoneconometricmodels,fadedininfluence.ThepurposeofthisessayistolookatdevelopmenteconomicsbyassessingtheviewsofaleadingAmericaneconomistofhisgeneration,PaulSamuelson,asexpressedinvariouseditionsof
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