Dual economy, large unemployment, a fixed number of skilled workers, perfect capital mobility, migrant labor force working in South African gold mines, and a cycle of poverty characterize Lesotho. This paper develops a general equilibrium model for Lesotho specifying these absorbing economic...

For a very general, small open less-developed country with a convex production set, the shadow price of foreign exchange is lower with tariffs on one subset of imports and VERs on another than with tariffs and quotas. This is true with and without international capital mobility. Furthermore, the...

This paper compares the models of Arrow and Debreu [1954] and Sraffa [1960], and concludes that (1) the models are informationally distinct conceptions of a capitalist economy, (2) they support radically distinct - though complete and entirely correct - theories of value, (3) the prices in the...

The literature on technological change and growth has mainly used econometric models to establish that factors, such as the degree of openness, skills, research and development expenditures, number of patents etc., are critical determinants of innovation and its effect on growth. However, this...

Modern economic development is accompanied by the structural transformation from an agrarian to an industrial economy. Since the 18th century, all countries that industrialized successfully have followed their comparative advantages and leveraged the latecomer advantage, including emerging...

The World Bank's strategy for Africa's future recognizes the central importance of industrialization in Sub-Saharan Africa, and the consequent creation of productive jobs for Africans, which have long been a preoccupation of African leaders and policy makers. This book represents an attempt to...

Iraq needs a strategy to make rapid progress in tackling its profound jobs challenges. Iraq is facing a jobs crisis of unprecedented proportions. It could foment a resurgence in violence unless the Government of Iraq makes credible and swift progress in job creation and reconstruction. To shape...

Modern economic development is accompanied by the structural transformation from an agrarian to an industrial economy and occurs through a process of continuous industrial and technological upgrading. Since the 18th century, all countries that industrialized successfully in Europe, North America...

Modern economic development is accompanied by the structural transformation from an agrarian to an industrial economy. Since the 18th century, all countries that industrialized successfully have followed their comparative advantages and leveraged the latecomer advantage, including emerging...