Economic Policy for Growth: Economic Development is Human Development

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Economic Development is but one facet of Human Development. This forces us to ask - how do humans develop? Man is a social animal and the growth of our humanity requires various social institutions, such as bureaucracy. The paradox of capitalism is that it is a system ostensibly based on self-interest yet wholly dependent on non-market values for its success. These non-market values are shaped by two much-neglected factors, religion and ethnicity.
Economic Development is an applied field; whatever it claims as a conclusion should be an applicable conclusion. This requires attention to all those non-economic factors which translate economic decisions into practice - such as the forces of nationalism versus the pressures of such global powers as US foreign policy and the advice of the IMF/IBRD. Since policy is our goal, theory whose intellectual basis is inaccessible to policy makers or which fails to have application should be minimized. Mathematical models are best avoided and, if they are to be used, the burden of proof must be placed upon their proponents.
As insights about the market are limited neither by time nor space, poor countries can learn from rich ones, and vice versa. It is most fruitful to focus on examples of success, such as the East Asian economies. They are the clearest illustration of the fact that rapid economic development is possible even to those who have suffered through imperialism, and possess few natural resources, but have their work and their determination intact. `One good example is enough.'

Economic Policy for Growth: Economic Development is Human Development Review

In this short manuscript, Professor Rashid has attempted to bring back the focus of academics and development professionals to an important but sadly overlooked issue in the literature on economic development. The focus of all efforts in development, especially in the context of the Third World nations, must ultimately be on the human being. If that is the case, then we cannot ignore the thinking proces and the culture of a people. For a nation to achieve economic progress, the citizens must first be convinced in thier minds that this is what they need, and further, they must start thinking (and behaving) progressively as citizens. The thesis is bound to be controversial but there is long tradition in economics that supports this view (Bishop Berkeley wrote eloquently on this topic more than a hundred years ago). An excellent investment for all those who are interested in alternatives to the popular development paradigm, and the views of the devotees of the free market economy. The only weakness in this first edition are the few errors in print that take away a some fun from reading the book.

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