Mexico's Pre-Revolutionary Reckoning with Railroads

1985 ◽  
Vol 42 (1) ◽  
pp. 1-28 ◽  
Author(s):  
Robert W. Randall
Keyword(s):  
Economic Growth ◽  
Economic Theory ◽  
Transportation Network ◽  
Underdeveloped Country ◽  
Role Of The State ◽  
Economic Interpretation ◽  
Short Run ◽  
Railway System ◽  
Economic Considerations

Economic considerations all but dominate recent historical writing in this country about the railroads of Mexico. Technical matters of construction and operation, as well as the role of the state in both, are touched upon, but economic interpretation, whether of the development of a railway system or of its impact on the nation, is the watchword if not catchword of most writing. Probably the leading example of the dominant approach is Growth against Development: The Economic Impact of Railroads in Porfirian Mexico (Northern Illinois University Press, 1981), by John H. Coatsworth, in which the author concludes that, while “the short run contribution of railroads to economic growth was large,” their longrun impact helped “to create the underdeveloped country Mexico has become.” Applying economic theory and measuring, Coatsworth in essence proves with numbers a case argued more elegantly in straight prose early in this century: that the application of a modern transportation network to a staple producing economy will do little more than extend and intensify the production system so as to increase the staple output.

THE ROLE OF THE STATE IN THE DEVELOPMENT OF POSTCEINSIAN THEORIES OF ECONOMIC GROWTH AND ENVIRONMENTAL PROTECTION

2017 ◽  
Author(s):  
Oleg Yarema ◽  
◽  
Bohdan Dolinsky ◽  
Keyword(s):  
Economic Growth ◽  
Economic Theory ◽  
Economic Development ◽  
Environmental Protection ◽  
Historical Perspective ◽  
The State ◽  
Role Of The State

Economic growth is a fundamental category of economic theory. That economic growth determines the dynamics of economic development, its credibility in the international arena and historical perspective.

scholarly journals Political Economy of Fiscal Policy in Pakistan

2003 ◽  
Vol 8 (1) ◽  
pp. 1-23
Author(s):  
M. Abdul Mateen Khan
Keyword(s):  
Economic Growth ◽  
Full Employment ◽  
Underdeveloped Country ◽  
The State ◽  
Price Stability ◽  
Short Term ◽  
Role Of The State ◽  
Policy Objectives ◽  
Term Performance

In an underdeveloped country, the state regulates not only the short- term performance of the economy but also its path of development. Such an overwhelming role of the state derives its justification from the very nature of underdevelopment itself. Economics and economists are usually concerned with policy, with a view to determining as to what policies are appropriate in a given economic situation to attain policy objectives such as economic growth, full employment, price stability, redistribution of income and wealth. But adopted policies are often not the policies that economists recommend as the best or even the second best.

Enhancing Economic Growth and Government Revenue Generation in Nigeria: The Role of Diaspora Remittances

2021 ◽  
pp. 003464462110256
Author(s):  
Dal Didia ◽  
Suleiman Tahir
Keyword(s):  
Economic Growth ◽  
Parameter Estimates ◽  
Gross Domestic Product Growth ◽  
Correction Model ◽  
Vector Error Correction ◽  
Vector Error ◽  
Long Run ◽  
Short Run ◽  
The Empirical Analysis

Even though remittances constitute the second-largest source of foreign exchange for Nigeria, with a $24 billion inflow in 2018, its impact on economic growth remains unclear. This study, therefore, examined the short-run and long-run impact of remittances on the economic growth of Nigeria using the vector error correction model. Utilizing World Bank data covering 1990–2018, the empirical analysis revealed that remittances hurt economic growth in the short run while having no impact on economic growth in the long run. Our parameter estimates indicate that a 1% increase in remittances would result in a 0.9% decrease in the gross domestic product growth rate in the short run. One policy implication of this study is that Nigeria needs to devise policies and interventions that minimize the emigration of skilled professionals rather than depending on remittances that do not offset the losses to the economy due to brain drain.

Money and Household Consumption Expenditure in Developing Asia: Some Panel ARDL Evidence

2021 ◽  
pp. 001946622110624
Author(s):  
Ghanashyama Mahanty ◽  
Himanshu Sekhar Rout ◽  
Swayam Prava Mishra
Keyword(s):  
Economic Growth ◽  
Interest Rates ◽  
Household Consumption ◽  
Asia Pacific ◽  
Consumption Expenditure ◽  
Data Set ◽  
Final Consumption ◽  
Long Run ◽  
Short Run

The role of money in influencing real economic activities has been a long-standing debate in macroeconomics. As per the Keynesian theory, household consumption expenditure plays a significant role in promoting economic growth. Given the rapid consumption-led growth pattern in the emerging Asia Pacific region, in this article, we attempt to assess the role of money in influencing household consumption expenditure, which propels economic growth. We employ a panel data set from 2005–2018 for 10 emerging Asian economies, covering Bangladesh, Cambodia, India, Indonesia, Malaysia, Pakistan, Philippines, Sri Lanka, Thailand and Vietnam. Given the region’s heterogeneous nature, we employ a variant of the popular St Louise equation model with autoregressive distributed lag model (ARDL) panel framework based on pooled mean group (PMG) and dynamic fixed effect (DFE) models developed by Pesaran and Shin to study the underlying relationships. Both PMG and DFE models suggest a strong positive relationship between money and household consumption expenditure both in the long run and short run. After allowing for control variables such as government final consumption expenditure and interest rate, the relationships continue to hold steady. Further, the relationship holds true across both narrow (M1) and broad money (M3) measures. The government final consumption expenditure and interest rates do not have influence on household consumption expenditure in the long run, but they have an influence in the short run. JEL Codes: C23, O16, O47, E51, E31, E21

Ruling Regions, Exploiting Resources

2013 ◽  
Author(s):  
David J. Mattingly
Keyword(s):  
Economic Theory ◽  
Economic Activity ◽  
Regional Economies ◽  
Colonial Discourse ◽  
Roman Economy ◽  
Roman Imperialism ◽  
Role Of The State ◽  
Imperial Power ◽  
Global And Local

In recent years, debate has started to explore the tensions between global and local aspects of the Roman economic world. This chapter argues that the Roman economy is not only best understood as an agglomeration of globalized regional economies but that we can also define a series of major mechanisms at work that governed discrete areas of economic activity. In particular, it focuses on the role of the state as a motor of economic activity through its status as an imperial power. It constructs some simple models built around colonial discourse analysis, rather than complex economic theory. The main purpose of this chapter is not to outline a new general model for the Roman economy but to reignite debate about the economic face of Roman imperialism.

THE MACROECONOMIC EFFECTS OF ENHANCED REFORMS IN CHINA

2019 ◽  
Vol 65 (06) ◽  
pp. 1619-1644
Author(s):  
ZHIHONG JIAN ◽  
YEQING YANG
Keyword(s):  
Economic Growth ◽  
Adverse Effect ◽  
Growth Rate ◽  
Steady State ◽  
Average Intensity ◽  
Potential Growth ◽  
Economic Growth Rate ◽  
Short Run ◽  
Macroeconomic Effects

Motivated by the idea that substantive reforms in China always happen intermittently and randomly, this paper constructs an RBC model, augmented with a shock that reflects the role of reforms and its randomly occurring character, to investigate the macroeconomic effects of enhancing the reform intensity. An increase in the average intensity of reforms leads to a higher economic growth rate permanently and provides sustainable support for economy when the potential growth rate declines. But it decreases the ergodic steady state of the detrended output, and this could have an adverse effect on economic growth in the short run.

The Role of Comparison in the Development of Economic Theory

1957 ◽  
Vol 17 (4) ◽  
pp. 554-570 ◽  
Author(s):  
Sylvia L. Thrupp
Keyword(s):  
Economic Growth ◽  
Economic Theory ◽  
Economic History ◽  
Western Europe ◽  
Open Spaces ◽  
Body Of Knowledge ◽  
Development Of Economic Theory

Our conference today on comparative economic history is in some clanger of rushing into the wide-open spaces of ambiguity, for the term is new, and to agree too quickly on its meaning and implications may not even be desirable. In order to avoid engaging in a mere game of definitions, this paper will deal first with three general types of comparison in relation to their bearing on problems of evidence. It will then review some of the chief uses to which these types of comparison have been put in building up our body of knowledge about Western economic history. The survey will close with particular reference to our own preindustrial stages of economic growth, when western Europe was, in our uncomplimentary phrase, an underdeveloped or backward area.

The Nexus between Resource Mobilization by Mutual Funds and Economic Growth in India

2012 ◽  
Vol 13 (1) ◽  
pp. 123-136 ◽  
Author(s):  
P.K. Mishra
Keyword(s):  
Economic Growth ◽  
Mutual Funds ◽  
Developing Country ◽  
Resource Mobilization ◽  
The Real ◽  
Long Run ◽  
Policy Variable ◽  
Short Run ◽  
The Relationship

Mutual funds allow for portfolio diversification and relative risk aversion through collection of funds from the households and investment of the same in the stock and debt markets. In this process, mutual funds industry plays the most important role of a resource mobilizer. As a resource mobilizer, the industry collects the investible surpluses from the surplus-spending units and channelizes the same to the deficit-spending units of an economy. Such a function has wide relevance for a developing country like India. Arguably, mutual funds industry as a resource mobilizer appears to contribute to real economic growth of a country by reducing the transaction costs and raising the purchasing power of the investors. Thus, this article is an attempt to investigate the dynamics of the relationship between gross funds mobilized by mutual funds and the real economic growth of a developing country like India for the period 1970–71 to 2008–09. Using the time series econometric techniques of cointegration and error correction estimates, the study concludes that the growth in real gross domestic product Granger causes gross resource mobilization by mutual funds in the long run, but not in the short run. This finding supports the demand-following hypothesis and thus, the policy implication is that the real economic growth of India may be considered as the policy variable to augment the resource mobilization by mutual funds.

scholarly journals STRUCTURAL ECONOMIC CHANGES – DIFFERENCES IN THE APPROACHES

2019 ◽  
Vol 17 (Suppl.1) ◽  
pp. 1-4
Author(s):  
S. Totev
Keyword(s):  
Economic Growth ◽  
Critical Analysis ◽  
Structural Changes ◽  
High Efficiency ◽  
Economic Conditions ◽  
Economic Policies ◽  
Structural Policy ◽  
Economic Changes ◽  
Role Of The State

The ability of an economy to adapt to changing economic conditions through the implementation of structural changes is linked to its ability to effectively generate economic growth. The need to know the intensity and direction of favourable structural changes is of key importance for achieving their high efficiency. In the article, a critical analysis of the different structural economic policies is made, taking into account the consequences of implementing the ones that are not in line with the real economic circumstances. Examples of so-called premature deindustrialisation as a result of inadequate structural policy are also considered. In conclusion, the vision of the role of the state in the conduct of a structural economic policy to achieve favourable economic results is presented.

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