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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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The Art of Performing Economic Miracles: Implementation Guidelines

The Art of Performing Economic Miracles: Implementation Guidelines

(p.202) 6 The Art of Performing Economic Miracles: Implementation Guidelines
Beating the Odds

Justin Yifu Lin

Célestin Monga

Princeton University Press

This chapter talks about the elements for success that may sound abstract, but actually provide a framework for achieving sustained growth, employment creation, and poverty reduction in poor business environments. It explains how the elements are applied to real policy situations and offers a road map for implementing an economic development strategy that leaves little to randomness. Drawing from economic history and analysis, the chapter explains why countries do not evolve from low- to medium- and high-income status as the result of chance. It starts by explaining the importance of rational selection and the choice of policy domains that will give a poor economy the highest probability of developing dynamic business ventures. It then provides step-by-step guidelines for policy makers in poor countries struggling to make sense of the often-conflicting economic advice they receive from many development institutions.

Keywords:   poverty reduction, economic development, high-income, rational selection, poor economy, business venture, economic advice, sustained growth, employment creation

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