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Taking Stock of the Role of Statistics in Economic Development

Vamsee Kanchi's picture

In today’s data-saturated, highly visual and networked world, statistics are used by policymakers, researchers and journalists for just about everything. However, a veritable mix of government officials, economists and statisticians work – often against overwhelming odds - to produce data sets that are, paradoxically, often taken for granted, but also used as gospel in policy discussions.

Earlier this week, the World Bank celebrated the first ‘World Statistics Day,’ where the successes, challenges and future directions for collecting and analyzing economic development-related data were discussed.

The statistics discipline in the economic development field has seen some breakthroughs in the recent past.

Princeton University's Angus Deaton, a panelist at the event, pointed to the 2005 round of the largest international data collection exercise in the world, called the International Comparison Program, which collects internationally comparable price levels. This data set is critical for comparing living standards between countries.

India's Service Revolution

Ejaz Ghani's picture

The post on 'Understanding India and China's success' is a nice summary of Professor Bardhan's key messages of ‘Awakening Giants, Feet of Clay: A China-India Comparative Economic Assessment.’ It debunks many myths, but it can not debunk an emerging trend that industrialization is no longer the only route to rapid growth and development".

I am sharing below a blog post I wrote for the Project Syndicate as well as a video of a panel discussion I participated in at the CATO Institute.  Happy to hear from readers.

From Project Syndicate:

 Click here to download the book (pdf).

China and India are both racing ahead economically. But the manner in which they are growing is dramatically different. Whereas China is a formidable exporter of manufactured goods, India has acquired a global reputation for exporting modern services. Indeed, India has leapfrogged over the manufacturing sector, going straight from agriculture into services.

The differences in the two countries’ growth patterns are striking, and raise significant questions for development economists. Can service be as dynamic as manufacturing? Can late-comers to development take advantage of the increasing globalization of the service sector? Can services be a driver of sustained growth, job creation, and poverty reduction?

Why ‘Securing Transformation’ matters in development economics

Justin Yifu Lin's picture

In his September 29 speech at Georgetown on ‘Democratizing Development Economics’, World Bank Group President Robert B. Zoellick insisted on the importance of ‘securing transformation’. The new structural economics approach to development, which I have proposed, aims exactly at that objective.

 Photo: © Simone D. McCourtie / World Bank
As I see it, ‘securing transformation’ highlights certain key features in the economic development process: the importance of endowments; different industrial structures atvarious stages of development and various distortions stemming from past, misguided interventions by policymakers whose belief in old structural economics led them to over-estimate governments’ ability to correct market failures.

Understanding India and China's success: not as straightforward as it seems

Vamsee Kanchi's picture

 

Pranab Bardhan, Professor of Economics at the University of California, Berkeley presented at the World Bank last week on his new book, ‘Awakening Giants, Feet of Clay: A China-India Comparative Economic Assessment.

Examining the Indian and Chinese economies, Bardhan set about debunking commonly held views on the economic drivers in the two countries and also their relationship with the rest of the World.  He offered unconventional insights, but also a cautionary note on future prospects.

The story of the first rose farm in Ethiopia

Hinh T. Dinh's picture

 

For our research on African competitiveness in light, simple manufactured products , we recently visited the first Ethiopian rose farm, created in 2000. In the course of ten years, the farm triggered the rapid emergence of a competitive rose export industry that now involves more than seventy-five firms, hires more than 50,000 workers and is bringing in more than US $200 million a year.

We learned that the idea to start a rose farm first came to Ryaz’s (Owner of the farm) father, an Indian- origin head of a successful Ugandan conglomerate, after a visit to Ethiopia, where he scoped out potential business opportunities.  Although he considered banking and bottled water, highly favorable soil and climatic conditions (warm days and cold nights), competitive fuel and electricity costs and, above all, competitive air freight costs - which account for more than fifty percent of the export-related production costs - made rose farming an easy choice, despite Ethiopia not having any flower industry to speak of at the time. 

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