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The Three Regularities in Development

“The Three Regularities in Development: Growth, Jobs and Macro Policy in Developing Countries” (Palgrave Macmillan 2018) by Dr Moazam Mahmood was launched on 20 September 2019 at Lahore School of Economics. Dr Shahid Amjad Chaudhry, Rector Lahore School of Economics was the chief guest at the ceremony that was attended by students and senior faculty.

The book examines why developing countries are at different levels of income and growth, setting apart Least Developed Countries from Lower and Middle Incomes Countries and Emerging Economies, and all three from Advanced Economies. It answers this central question of development by observing over 140 Developing Countries over the past third of a century. This large scale empirical exercise yields three regularities that have consistently held, in growth, in jobs, and in their macro drivers, explaining differentials between Developing Countries and Advanced Economies. The answers are surprisingly heterodox. The regularities vindicate the classical and Kaldorian emphasis on manufacturing and accumulation. The panacea of exports is observed to be second best. The labour market emerges as an instrumental Smithian policy lever, rather than a neoclassical derivative product, in a variant of Lewis. But equally neoclassical macroprudential policy is observed to aid accumulation and growth, while poverty has a Malthusian demographic drag.

Moazam Mahmood is former Director of the Research Department at the International Labour Organisation (ILO). He is now Professor in Economics at the Lahore of Economics in Pakistan, and Visiting Professor at the Capital University of Economics and Business in Beijing, China. He also acts as a Member of the Commission on Africa, Chaired by Professor Joseph Stiglitz at Columbia University, USA.

Moazam’s area of work in the ILO over a 20 year career has been macro analysis and policy for global and regional growth and employment. He was latterly responsible for producing ILOs annual flagship, the World Employment and Social Outlook benchmarking the global labour market. His specialization has been global and regional crises, with estimations and analysis of impact on labour markets for the G20.

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posted by S A J Shirazi @ 9/24/2019 12:58:00 PM,

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