Premature Deindustrialization: Economic Growth Then & Now

The conventional path for economic development has been to use industrialization — the process of increasing industry's relative contribution to total GDP and employment, at the expense of those of agriculture and services — as a means to enable rapid convergence. "Convergence" refers to a catch-up effect whereby countries that have low levels of income … Continue reading Premature Deindustrialization: Economic Growth Then & Now

The Energy-Development Nexus

Energy and economic development significantly affect one another. Exactly how they do so, though, is far from straightforward and depends on a dizzying web of interrelated complex systems. As such, this post will not provide the reader with a definitive relationship between the two, but rather will provide an overview of topics regarding the relationship. … Continue reading The Energy-Development Nexus

The Nature of the Wealth of Nations

Before inquiring into the causes of development phenomena observed, it is a good idea to first establish just what phenomena are observed. Toward those ends, Nicholas Kaldor presented a set of six stylized facts in 1961 designed to summarize what had been learned about economics in the 20th century and establish a research agenda framework. … Continue reading The Nature of the Wealth of Nations