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The Political Economy of Poverty, Equity and Growth: A Comparative Study$
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Deepak Lal and H. Myint

Print publication date: 1998

Print ISBN-13: 9780198294320

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198294328.001.0001

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Instability and Growth

Instability and Growth

Chapter:
(p.213) 5 Instability and Growth
Source:
The Political Economy of Poverty, Equity and Growth: A Comparative Study
Author(s):

Deepak Lal (Contributor Webpage)

H. Myint

Publisher:
Oxford University Press
DOI:10.1093/0198294328.003.0006

Questions of macroeconomic stability and growth are examined, and a number of developing countries from the study addressed in the book are identified, in which growth collapsed during the more turbulent post‐1973 international economic environment. The economic causes of the growth collapses that have occurred in some of the countries are examined, and found to be due to an over‐expansion in public expenditures, linked by and large either to ’big push’‐type investment expenditures, or to unsustainable social expenditures.

Keywords:   developing countries, economic growth, investment, investment expenditure, macroeconomics, public expenditure, social expenditure, stability

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