Challenge of Technology
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Fashions wax and wane in development economics. The so-called ‘neo-classical’ model with its emphasis on savings rates and capital accumulation is now an old shibboleth. The ‘vicious circle’ breakers and ‘big push’-ers have had their moments of glory. The strategy of import-substituting industrialisation has not resulted in the hoped-for El Dorado. Technology is the new deity to which policy makers and economists are making obeisance these days.
KeywordsForeign Firm Science Policy Factor Price Factor Endowment Minimum Wage Legislation
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