The Elusive Quest For Growth Essay - 1089 Words

The Elusive quest for Growth – Economists’ adventure and misadventure in the tropics A Book Review The Author Dr. William Easterly, a former Economist with the World Bank and a current professor of Economics at The New York University in this book talks about The Economists’ Quest to find the means by which a poor country in the tropics would be able to become rich like the countries in Europe and North America. He talks about the various measures tried and why they did or did not work out. Among the means tried he discusses in this book the following; foreign aid, investment in machines, fostering education, controlling population growth, loans conditional on reforms, debt relief conditional on reforms. Dr. William Easterly describes the basic principle of economics as people do what they are paid to do; what they don t get paid to do they don t do. He attributes the failure to achieve the quest with failure in applying the basic principle to policy work. He says that the trinity of first world aid donors, third world governments, and third world citizens should all have their incentives aligned for growth to occur. In his first chapter he starts off about why growth even matters. Economic growth frees the poor from hunger and diseases. Economy wide growth in GDP per capita translates into rise in incomes for the poorest of the poor lifting them out of poverty. Taking the example of Pakistan, the author describes how 31% of the country lives in extreme poverty withShow MoreRelatedWhat is the World Bank? Essay976 Words   |  4 Pageseconomic growth where according to Economist William Easterly, not created for the purposes they were used for. A model called the Harold Domar model, assumes that production is proportional to the stock of machinery. 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