Will governments follow good policies, Microeconomics

Will Governments Follow Good Policies?

That governments can assist in development and growth doesn't mean that governments will. The broad experience of growth in developing economies--outside of East Asian Pacific Rim, outside of OECD--has been that governments often won't. Over the past 2 decades many have argued that typical systems of regulation in developing countries have retarded development by:

  • Embarking on 'prestige' industrialization programs which keep resources from shifting to activities in that the country had a long-run comparative advantage.
  • Inducing entrepreneurs and firms to devote their energies to seeking rents by lobbying governments in place of seeking profits by lowering costs.
  • Creating systems of regulation as well a project approval which have degenerated into extortion machines for manufacturing bribes for bureaucrats.

 

Posted Date: 8/3/2013 5:21:50 AM | Location : United States







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