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Beating the OddsJump-Starting Developing Countries$
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Justin Yifu Lin and Célestin Monga

Print publication date: 2019

Print ISBN-13: 9780691192338

Published to Princeton Scholarship Online: May 2020

DOI: 10.23943/princeton/9780691192338.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 24 July 2021

The Economics of Chance: Policy Prescriptions as Laundry Lists

The Economics of Chance: Policy Prescriptions as Laundry Lists

Chapter:
(p.75) 3 The Economics of Chance: Policy Prescriptions as Laundry Lists
Source:
Beating the Odds
Author(s):

Justin Yifu Lin

Célestin Monga

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691192338.003.0004

This chapter discusses the foundations of the most popular policy prescriptions that are offered to developing countries as blueprints for prosperity. It starts by sketching the historical intellectual background that determined economic policies in colonial times. It then reviews the various waves of development thinking that have dominated research and policy making since World War II. It also highlights some issues with the analytics of growth and the random search for binding constraints in developing countries. The chapter concludes with a review of the disappointing results of the lengthy policy prescriptions that developing countries typically receive and adopt. It emphasizes how new approaches should be complemented by more precise policy frameworks to guide government and private sector actions and encourage the process of industrial upgrading and structural change, which is at the core of all successful development strategies.

Keywords:   blueprints, colonial times, World War II, policy prescription, policy framework, private sector, industrial upgrading, development, developing countries, prosperity

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