Briefly explain the “four (4)“pessimisms” how did each influence the field of development economics?
International Development Studies
- What were the “four (4)“pessimisms” and, briefly, how did each influence the field of development economics?
- What were the three (3) “countervailing” factors and, briefly, how did each suggest a course of action for the development economists.
- Hollis Chenery famously said, “factor prices do not reflect opportunity costs with any accuracy.” What did this sentence mean and what were its implications for development economics?
- What is a country’s exchange rate policy and how (and why) did this play such an important role in the implementation of import-substituting industrialization?
- What were the principal elements in the orthodox (conservative) explanation of why import-substituting industrialization failed?