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Development, Geography, and Economic Theory (Ohlin Lectures) by Paul Krugman

By Paul Krugman

"This is a ebook that are supposed to be learn via all economists." -- Roger E. Backhouse, The fiscal Journal
"A stimulating essay via one of many world's so much considerate and cutting edge economists." -- Paul Ormerod, The instances better schooling Supplement
Why do definite rules achieve forex in economics whereas others fall via the wayside? Paul Krugman argues that the unwillingness of mainstream economists to consider what they can now not formalize led them to disregard principles that end up, on reflection, to were excellent ones.
Krugman examines the process monetary geography and improvement conception to make clear the character of financial inquiry. He strains how improvement concept misplaced its preliminary impact after it turned transparent that a number of the theory's major insights couldn't be sincerely modeled, and concludes with a remark on components the place extra inquiry appears so much promising.
The Ohlin Lectures

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Additional resources for Development, Geography, and Economic Theory (Ohlin Lectures)

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In development the crucial role that high development theory assigned to increasing returns was a hypothesis crucial to that doctrine, but not necessarily crucial to understanding development in general. One could do meaningful theorizing about developing countries, albeit not in the grand tradition, without sacrificing the convenient assumptions of constant returns and perfect competition. In spatial economics, however, you really cannot get started at all without finding a way to deal with scale economies and oligopolistic firms.

And in any case, why must there be only one production siteare there economies of scale so large that this is optimal, and what does that in turn say about market structure? One can only presume that the problem of transport cost minimization is embedded in some larger contextthat there is an implicit story about pricing (which among other things will determine demand), competition, and market structure, one piece of which is the problem of minimizing transport costs given the decision to ship particular quantities to particular markets.

Hirschman made a significant contribution to the formal theory of devaluation in the 1940s, while Fleming helped create the still influential Mundell-Fleming model of floating exchange rates. Moreover, the development field itself was at the same time generating mathematical planning modelsfirst Harrod-Domar type growth models, then linear programming approachesthat were actually quite technically advanced for their time. So why didn't high development theory get expressed in formal models? Almost certainly for one basic reason: the difficulty of reconciling economies of scale with a competitive market structure.

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