The irony... is that high development theory was right. By … - Paul Krugman

" "
The irony... is that high development theory was right. By this I do not mean that the Big Push is really the right story of how development takes place, or even that the issues raised in high development theory are necessarily the key ones for making poor countries rich. What I do mean is that the unconventional themes put forth by the high development theorists—their emphasis on strategic complementarity in investment decisions and on the problem of coordination failure—did... identify important possibilities that are neglected in models. But the high development theorists failed to convince their colleagues of the importance of those possibilities. Worse, they failed even to communicate clearly what they were talking about. And so good ideas, important ideas, were ignored for a generation...

Paul Krugman

Sources available for members. Sign up free to see where this quote comes from

English

Collect this quote

About Paul Krugman

Paul Robin Krugman (born February 28, 1953) is an American New Keynesian economist, Professor of Economics and International Affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University, Centenary Professor at the London School of Economics, and a former op-ed columnist for The New York Times.

Also Known As

Alternative Names: Paul Robin Krugman • Paul R Krugman

All quotes from Paul Krugman Similar Quotes by other Originators

Originators like Paul Krugman:

Paul Samuelson John Maynard Keynes Joseph E. Stiglitz Friedrich Hayek John Komlos

Additional quotes by Paul Krugman

The idea of comparative advantage—with its implication that trade between two nations normally raises the real incomes of both—is, like evolution via natural selection, a concept that seems simple and compelling to those who understand it. Yet anyone who becomes involved in discussions of beyond the narrow circle of academic economists quickly realizes that it must be, in some sense, a very difficult concept indeed.

So let’s bid a not at all fond farewell to the Big Zero — the decade in which we achieved nothing and learned nothing.

Most economists, to the extent that they think about the subject at all, regard the Great Depression of the 1930s as a gratuitous, unnecessary tragedy.

The irony... is that high development theory was right. By this I do not mean that the Big Push is really the right story of how development takes pl… - Paul Krugman

About Paul Krugman

Also Known As

Additional quotes by Paul Krugman