tailieunhanh - ON THE MECHANICS OF ECONOMIC DEVELOPMENT*

Presumably, the amount of observable discrimination against minorities in wages and employment depends not only on tastes for discrimination, but also on other variables, such as the degree of competition and civil rights legislation. However, aside from the important theory of compensating differentials originated by Adam Smith, and a few major studies like Myr- dal’s American Dilemma [1944], there was little else available in the 1950s to build on to analyze how prejudice and other variables interact. . | Journal of Monetary Economics 22 1988 3-42. North-Holland ON THE MECHANICS OF ECONOMIC DEVELOPMENT Robert E. LUCAS Jr. University of Chicago Chicago IL 60637 USA Received August 1987 final version received February 1988 This paper considers the prospects for constructing a neoclassical theory of growth and international trade that is consistent with some of the main features of economic development. Three models are considered and compared to evidence a model emphasizing physical capital accumulation and technological change a model emphasizing human capital accumulation through schooling and a model emphasizing specialized human capital accumulation through leaming-by-doing. 1. Introduction By the problem of economic development I mean simply the problem of accounting for the observed pattern across countries and across time in levels and rates of growth of per capita income. This may seem too narrow a definition and perhaps it is but thinking about income patterns will necessarily involve us in thinking about many other aspects of societies too so I would suggest that we withhold judgment on the scope of this definition until we have a clearer idea of where it leads us. The main features of levels and rates of growth of national incomes are well enough known to all of us but I want to begin with a few numbers so as to set a quantitative tone and to keep us from getting mired in the wrong kind of details. Unless I say otherwise all figures are from the World Bank s World Development Report of 1983. The diversity across countries in measured per capita income levels is literally too great to be believed. Compared to the 1980 average for what the World Bank calls the industrial market economies Ireland up through Switzerland of . 10 000 India s per capita income is 240 Haiti s is 270 This paper was originally written for the Marshall Lectures given at Cambridge University in 1985. I am very grateful to the Cambridge faculty for this honor and also for the .

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