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Extra info for Advancing Development: Core Themes in Global Economics
4, Helsinki: United Nations University Press. Jayawardena, L. (1991) A Global Environmental Compact for Sustainable Development: Resource Requirements and Mechanisms, Research for Action Series No. 9, Helsinki: UNU-WIDER. Jayawardena, L. (1993) The Potential of Development Contracts and Conditionality: Towards Sustainable Development Compacts, Research for Action Series No. 12, Helsinki: UNU-WIDER. Jayawardena, L. K. ), The International Monetary & Financial System: Developing Country Perspectives, London: Macmillan.
This is a disequilibrium-type model which assumes that developing countries are characterized by limited structural flexibility – with either the investment-savings gap or the balance-of-payments gap binding at any one point in time. The other types of models (ii and iii above) rely on an intersectoral input– output framework. The semi-input–output method initiated by Jan Tinbergen distinguishes between international sectors, which produce tradable goods, and national sectors, which produce non-tradable goods (Kuyvenhoven 1978).
In turn, the ‘critical minimum effort thesis’ called for a large discrete addition to investment to trigger a cumulative process within which the induced income-growth forces dominate induced income-depressing forces. Finally, Nurkse’s (1953) ‘balanced growth’ concept stressed the external economies inherent on the demand side in a mutually reinforcing and simultaneous expansion of a whole set of complementary production activities which combine together to increase the size of the market. It does appear, in retrospect, that the emphasis on large-scale investment in the 1950s was strongly influenced by the relatively successful development model and performance of the Soviet Union between 1928 and 1940.
Advancing Development: Core Themes in Global Economics by G. Mavrotas, A. Shorrocks